Monero Plummets as Binance announces Delisting
Monero, a privacy-focused cryptocurrency, has seen a significant drop in value following Binance’s announcement of its delisting on February 20, 2024.
The delisting will remove all four trading pairs involving Monero, including those against Bitcoin, Ether, Tether, and Binance’s native coin, BNB.
Binance will not support withdrawals of these tokens after May 20, 2024.
After May 21, the platform may convert the delisted XMR into stablecoins on the user’s behalf, but there is no guarantee of conversion.
The decision to delist XMR was based on factors such as contributing to a healthy crypto ecosystem, evidence of unethical conduct, and responsiveness to due diligence requests.
(With inputs from Shikha Singh)
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