Monero (XMR), the largest privacy-focused cryptocurrency on the market, is being delisted by Binance, the largest crypto exchange in the world.
In an announcement, Binance says that XMR will be included in a new wave of takedowns after review.
XMR, which has been a favorite among those seeking blockchain anonymity since 2014, fell immediately after the announcement and is currently trading at $108.80, down about 32% in the past 24 hours.
Along with Monero, Binance also said it would delist Aragon (ANT), Vaiot (VAI) and Multichain (MULTI).
According to the crypto exchange, when conducting assessments of the supported assets, it takes into account a number of factors, including:
- “Commitment of the team to the project
- Level and quality of development activities
- Trading volume and liquidity
- Stability and security of the network against attacks
- Network/smart contract stability
- Level of public communication
- Responsiveness to our periodic due diligence requests
- Evidence of unethical/fraudulent conduct or negligence
- Contribution to a healthy and sustainable crypto ecosystem”
Late last year, Changpeng Zhao stepped down as CEO of the exchange after pleading guilty to violating anti-money laundering and securities laws.
Rostin Behnam, chairman of the Commodities Futures Trading Commission (CFTC), said Zhao will spend time in prison and face both criminal and civil penalties to send a message to the industry.
Since Zhao’s resignation, Richard Teng, Binance’s new CEO, has emphasized that the exchange has adopted a more corporate and transparent business model in the future.
Says Teng,
“We start from a strong position. The company’s foundations are extremely strong. Our capital structure is debt-free, expenses are modeled and our revenues and profits remain robust…
Once you get all those corporate structures in place, I think we’ll share those financials. We all know it: accountants [require them], but the regulators will require all these things too. That is why we as an organization are committed to transparency.”
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Featured image: Shutterstock/Suwin