The largest cryptocurrency exchange by trading volume, Binance, has recently announced that it will be delisting Monero (XMR) and Multichain’s token (MULTI) by February 20th. In addition to these two digital assets, Binance has also decided to remove other tokens such as Aragon (ANT) and VAI (VAI) from several of its products, citing the failure to meet its listing criteria. This unexpected news has sent shockwaves through the crypto market, resulting in a steep decline in the values of XMR and MULTI.
Following the announcement by Binance, XMR and MULTI experienced a significant drop in their values. XMR plummeted by approximately 20% to its lowest point of $136, while MULTI fell to $1.55. These substantial decreases in value demonstrate the immediate impact of Binance’s decision on the market sentiment towards these digital assets.
The delisting of Monero by Binance has not come as a surprise to market observers. Privacy-focused cryptocurrencies like Monero have faced increased regulatory scrutiny due to concerns about their potential use in illicit activities. This has led major exchanges, such as OKX, to delist privacy coins like Monero. While Monero remains the largest privacy-oriented blockchain network in terms of market capitalization, the regulatory pressure has certainly impacted its reputation and trading opportunities.
Multichain, on the other hand, has faced its own set of challenges. The cross-chain protocol, which facilitates asset and NFT bridging across multiple blockchains, made headlines last year when $126 million worth of funds disappeared suddenly. Additionally, the CEO of Multichain was detained by Chinese authorities, further raising concerns about the protocol’s stability and security. As a result, the protocol’s team decided to cease operations due to the inability to maintain transactions and address user complaints.
The delisting of XMR and MULTI by Binance has wider implications for the cryptocurrency market. As the leading exchange, Binance’s decisions carry significant weight and can influence the trajectory of digital assets. The sharp decline in the values of XMR and MULTI indicates the market’s reaction to these tokens being removed from Binance’s platform. Investors and traders must now consider the future prospects of these delisted tokens and evaluate their investment decisions accordingly.
Binance’s delisting of Monero and Multichain has caused a sudden drop in the values of these digital assets. The regulatory concerns surrounding privacy-oriented cryptocurrencies like Monero and the troubles faced by Multichain have contributed to this decision. As the cryptocurrency market continues to evolve, exchanges like Binance play a crucial role in shaping the industry’s landscape. The impact of delistings on token values and investor sentiment highlights the need for careful evaluation of investment opportunities in this dynamic market.
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