This morning, Binance announced that Monero’s XMR would soon be delisted from its platform, leading to a fall in the asset’s price. At the same time, other assets are affected, including Multichain’s MULTI. Let’s take a look at this announcement.
Binance delists Monero’s XMR and other assets
This morning, cryptocurrency platform Binance announced that it would be delisting Monero’s XMR shortly, causing the asset’s price to fall by around 16% in recent hours.
At the time of writing, the cryptocurrency is now trading at $140 each, compared to over $166 before the announcement:
XMR price in 15-minute data
In reality, the announcement isn’t all that surprising, given that anonymous cryptocurrencies have been on the regulators’ radar for at least 2 years now. XMR had already been withdrawn from several platforms, and the latest major announcement was that of OKX at the end of December.
As with all similar announcements, the transition will take place in stages. As a result, deposits will no longer be supported as of February 21, while the deadline for withdrawals has been extended to May 20.
Between now and then, the various products involving XMR will also stop trading the asset, and this starts as early as Thursday in the case of isolated margin loans.
While the Monero cryptocurrency is the most important in this announcement, it’s not the only one affected by this Binance measure. Indeed, this is also the case for MULTI from Multichain Bridge, which experienced numerous setbacks last summer. Aragon’s ANT and Vai’s VAI are also affected.
