Key Points:
Binance is said to be stopping the trade of privacy currencies in France, Poland, and Italy next month.
On June 26, all spot transactions and privacy coin deposits will be stopped, according to the statement.
According to critics, cryptocurrencies facilitate money laundering, terrorist funding, and other criminal acts.
Binance, the world’s biggest cryptocurrency exchange, has taken an important step to meet local regulatory requirements in France, Poland, and Italy.
The exchange notified in an email to customers in certain countries that it would cease trading in privacy-focused cryptocurrencies.
Il ne sera plus possible d'accéder aux privacy coins via Binance. pic.twitter.com/ZoiAsHiYuG
— La Baleine Crypto (@BaleineFR) May 31, 2023
From June 26, Binance clients in France, Italy, Poland, and Spain will no longer be allowed to trade privacy coins.
Privacy coins are a kind of cryptocurrency that provides privacy and anonymity. Nonetheless, these coins have been criticized for their possible use in criminal operations such as money laundering.
Decred (DCR), Dash (DASH), Zcash (ZEC), Horizen (ZEN), PIVX (PIVX), Navcoin (NAV), Secret (SCRT), Verge (XVG), Firo (FIRO), BEAM (BEAM), Monero (XMR), and MobileCoin (MOB) are among the tokens impacted.
Binance’s move is in response to calls from financial institutions and regulatory agencies in countries like France, Poland, and Italy to establish tougher steps to monitor and regulate cryptocurrencies in order to avoid money laundering, terrorist funding, and tax evasion.
Moreover, Binance noted that it would assist its customers in complying with new rules and will allow time for users to securely remove their holdings after the suspension of trade in privacy-focused cryptocurrencies.
The new limits on privacy coins add to the crypto market’s rising anxieties about regulatory monitoring. The United States Securities and Exchange Commission (SEC) is the main stumbling obstacle for crypto sector players in the world’s most significant financial market.
France now follows Dubai’s Virtual Asset Regulatory Authority (VARA) in prohibiting the trade of privacy coins. Nonetheless, it remains to be seen how these currencies will do in the next weeks as the Binance limits deadline approaches on June 26.
Binance also stated a few weeks ago that it would halt operations in Canada, citing the difficult regulatory climate.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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