Binance Revises Operations to Comply with EU Standards After Community Feedback
Binance, the cryptocurrency exchange, has announced that it is reversing its decision to delist several privacy coins in Europe. The company stated that it has made revisions to its operations to ensure compliance with local regulations, leading to the reversal of its previous plan.
In a statement issued on June 26, Binance commented that they have reevaluated their approach to classifying privacy coins on their platform, taking into account feedback from the community and various projects. As a result, they have made revisions to ensure compliance with regulatory requirements across the European Union (EU).
Binance also emphasized that as an exchange registered in multiple jurisdictions within the EU, they are obligated to adhere to local regulations.
These regulations mandate exchanges to have the capability to monitor transactions involving coins listed on their platform. By complying with these requirements, Binance aims to maintain transparency and uphold regulatory standards across its operations.
Initially, Binance had announced plans to delist 12 privacy tokens, thereby restricting users in France, Italy, Spain, and Poland from buying or selling these tokens starting from June 26.
However, in a recent update, Binance has reversed this decision and will allow continued trading of privacy tokens in these countries. This move aligns with their commitment to complying with local regulations and catering to the preferences of their user community.
The original plan by Binance was to delist several privacy coins, including Decred (DCR), Dash (DASH), ZEC, Horizen (ZEN), PIVX (PIVX), Navcoin (NAV), Secret (SCRT), Verge (XVG), Firo (FIRO), Beam (BEAM), XMR, and MobileCoin (MOB).
However, following the reconsideration of their decision, Binance will now continue to support trading of these coins on their platform for users in France, Italy, Spain, and Poland.
Since Binance reversed its decision to delist privacy coins, several tokens have taken to Twitter to reassure their community members. Verge Currency, for instance, posted an update as early as June 22, informing its followers about the development.
The Secret Network also took to Twitter to announce that it is among the currencies that will not be delisted by Binance. These decisions by Binance align with the EU’s efforts to establish regulatory standards for digital assets through its new Markets in Crypto-Assets (MiCA) regulations, which were recently enacted on May 31.
In a bid to position Europe as a prominent hub for cryptocurrencies and digital assets, EU officials have introduced clear-cut regulations. As part of this initiative, a MiCA consultation process is scheduled to commence in July. The framework for these laws indicates an 18-month timeline for the regulations to fully come into effect.
Cryptocurrency payments service provider Ripple, along with other companies in the industry, has expressed a positive response to the MiCA regulations. These regulations are seen as a welcome development as they offer much-needed regulatory clarity for the cryptocurrency sector.
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
