Monero (XMR) has experienced a substantial downturn in its value, with a staggering 10% decline observed today.
This decline positions Monero as the daily loser on Coinmarketcap, coinciding with the looming deadline set by Binance, the largest cryptocurrency exchange, to halt trading of Monero’s XMR by February 20. Withdrawals for the token will cease on May 20, 2024.
With Monero ($XMR) being removed from major centralized exchanges, it is expected that there will be a significant decline in its use by malicious actors to conduct their criminal activities.
As a result, ransomware perpetrators are likely to continue using either Bitcoin or… https://t.co/82Bblbfzf6
— MetaRyuk (@metaryuk) February 19, 2024
Binance’s decision to delist Monero stems from a comprehensive evaluation process that considered various factors beyond market performance.
In addition to assessing project team commitment, development activity, trading volume, network stability, and open communication, Binance also scrutinized evidence of incompetence or unethical behavior within the Monero ecosystem.
Notably, Monero has drawn significant governmental scrutiny due to concerns surrounding its potential utilization in illicit activities, given its robust privacy features.
This regulatory spotlight has contributed to Binance’s decision to delist the cryptocurrency, reflecting broader industry efforts to uphold regulatory compliance standards and mitigate risks associated with illicit financial activities.
Delisting Contributing Major Factor To Drop
The delisting of Monero from major centralized exchanges like Binance is expected to have implications for its usage among malicious actors engaged in illegal operations.
With reduced availability on mainstream trading platforms, it is anticipated that the accessibility and liquidity of Monero for illicit activities may diminish, aligning with efforts to enhance regulatory oversight and combat financial crimes within the cryptocurrency space.
As Monero navigates through this period of regulatory scrutiny and exchange delistings, stakeholders in the cryptocurrency community remain vigilant, emphasizing the importance of adherence to compliance standards and collaborative efforts to foster a transparent and secure ecosystem for digital assets.
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.