Binance has announced that it will close 11 privacy coins like DASH and Monero (XMR) for trading in the French region.
Critical decision for DASH, XMR and ZEC from Binance
Regulatory concerns in France have forced Binance to disable trading of privacy coins. Users from France, Poland and Spain reported receiving the announcement via email today. According to the official announcement, Binance will close 11 privacy coins to transactions in the French region from June 26.
https://twitter.com/BaleineFR/status/1663868865309278208
The privacy coins that Binance will close for trading in the France region are as follows:
- Decred (DCR)
- Dash (DASH)
- Zcash (ZEC)
- Horizon (ZEN)
- PIVX (PIVX)
- NavCoin (NAV)
- Secret (SCRT)
- Verge (XVG)
- Firo (FIRO/Zcoin)
- Beam (BEAM)
- Monero (XMR)
- MobilinkToken (MOB)
Reason for decision
Binance’s decision comes after recent steps towards cryptocurrency regulations in France. The European country is joining Dubai’s Virtual Asset Regulatory Authority (VARA) to act against privacy coins.
Privacy coins keep transaction details and wallet balance information private. Due to these features, it especially attracted the reaction of European regulators. As we quoted as Kriptokoin.com, the restrictive regulations got tougher especially in late 2022 when FTX went bankrupt.
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