Binance's Delisting of Privacy Coins Extends to Belgium
Lisette Lémieux
Binance, after delisting privacy coins in several European countries earlier this year, is now suspending trading of these tokens in Belgium. The move is attributed to the necessity of complying with local regulations governing the trading of privacy coins.
The affected privacy coins include Monero (XMR), MobileCoin (MOB), Firo (FIRO), and Horizen (ZEN). Belgian customers will no longer be able to purchase or trade these cryptocurrencies on the platform starting September 21.
Privacy coins are a class of cryptocurrencies designed to enhance transaction anonymity through technologies like zero-knowledge proofs, which obscure transaction details and make it challenging to trace senders, recipients, and transaction amounts. The European Union has been actively addressing concerns about money laundering associated with anonymous crypto transactions and is considering new regulations that could prohibit privacy coins.
Binance's decision to delist privacy coins is in line with its commitment to adhering to regulatory requirements in each market it operates in. The exchange will continue to monitor its regulatory obligations and make adjustments to its product offerings as necessary.