Tsunami at Binance with big surges taking out Monero and Zcash
A new scenario hinders the good behavior that cryptocurrencies had been developing yesterday, I say this because of the decisions taken by the exchange platform Binance to eliminate support for Monero, Zcash and 10 other private cryptocurrencies in Spain.
The truth is that according to information disclosed in the portal "DdiarioBitcoin", the largest cryptocurrency exchange by trading volume has been sending email notifications to its users in France and Spain to inform them about the commercial deactivation of Monero (XRM), Zcash (ZEC), Dash (DASH) and other digital currencies with emphasis on the anonymity of its platform.
It could be learned that Binance will not support private cryptocurrencies, according to one of its spokesperson confirmed to the media about the measure, reiterating the issue of local regulations as the main reason behind the commercial elimination of the cryptocurrency group. The report details that users in France, Spain, Italy and Poland are among those affected.
Other reports suggest that the move could affect Binance users across the European Union. Notably, the exchange already has registrations in France, Spain, Italy and Poland, where local authorities have granted it authorization to operate as a digital asset service provider.
Huobi, the Seychelles-based cryptocurrency exchange, took a similar step last year when it completely withdrew trading support for seven private tokens, including XRM and ZEC. At the time, the platform noted that this was an effort to comply with policies implemented in more than 100 countries where it offers its services.
From my perspective, this step taken by Binance is very dangerous as it fills the entire cryptocurrency market with distrust, but I would still like to know your opinions.
SOURCES CONSULTED
DiarioBitcoin. Binance removes support for Monero, Zcash and 10 other private cryptocurrencies in Spain. Link
OBSERVATION:
The cover image was designed by the author: @lupafilotaxia, incorporating image: DiarioBitcoin
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Peace & Love!
I see this as regulation playing their part to see centralized exchanges are inline with all stipulated guideline for binance to thrive and avoid facing trial from regulators they need to adhere to these rules, this is where decentralized exchanges will come quite handy thanks for sharing.