MobileCoin, which received $29.7 million in funding from Binance Labs in 2018, is currently facing removal from the trading platform.
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Binance shared in a press release on March 20th that they plan to remove three tokens from their platform for the benefit of their users and to keep up with changes in the market. These tokens are MobileCoin (MOB), DREP (DREP), and pNetwork (PNT).
Binance Plans Delisting of MobileCoin Due to Regulatory Changes
Binance announced plans to remove MobileCoin (MOB), DREP (DREP), and pNetwork (PNT) from its trading platform, aiming to provide better service and protection for its users and to respond to the changing dynamics of the market. Although Binance did not specify the exact reasons for these delistings, it highlighted several factors that typically guide such decisions.
These include compliance with new regulatory standards, the quality of public communication by the token issuers, and their contributions towards a sustainable and healthy cryptocurrency ecosystem. The exact cause for MobileCoin’s removal, however, was not disclosed. Trading for the affected tokens will halt on April 3 at 03:00 UTC.
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MobileCoin’s relationship with Binance is notably significant. In 2018, Binance Labs, the venture arm of the exchange, led a funding round that saw MobileCoin raising $29.7 million by selling 37.5 million tokens. At that time, Binance Labs recognized MobileCoin as playing an essential role in promoting widespread adoption of cryptocurrencies, sharing a vision for the future of the industry with the MobileCoin team. Whether Binance or any related entities still hold MOB tokens remains uncertain.
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MobileCoin Price Plummets Following Binance Delisting Announcement
After Binance announced its decision to delist MobileCoin (MOB), the cryptocurrency’s value took a significant hit, dropping by nearly 55% to $0.1491, as reported by CoinMarketCap.
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MobileCoin, known for prioritizing user privacy, was created in 2017 by Joshua Goldbard, a former engineer at Signal. As CEO, Goldbard leads the project, which is distinguished by its use of advanced encryption methods to protect user transactions and privacy. Moreover, MobileCoin is integrated for in-app payments in applications like Signal and Mixin Messenger, enhancing its utility and user experience.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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