"Binance is busy delisting cryptocurrencies, right? Maybe there are too many checks."
Cryptocurrency exchange Binance, which is set to delist several digital assets later this month, doesn't seem to have given an exact reason, but it does give a pretty good indication as to why the action was taken.
According to today's announcement, Binance will delist four different cryptocurrencies on February 20, 2024 namely Aragon (ANT), Multichain (MULTI), Vai (VAI) including Monero (XMR).
As a result, the prices of all four cryptos are increasingly volatile, for example XMR plunged about 17% due to its falling valuation as soon as Binance made the disclosure.
There is no denying that XMR is one of the oldest and most popular altcoins in the crypto market, but it should be noted that its main use case is aimed at the secrecy that major platforms began to abandon when governments around the world began to develop KYC and AML policies.
Recently, Binance was embroiled in a massive lawsuit against the Securities and Exchange Commission (SEC), however those who agreed to pay a $4 billion settlement have begun to change its policies and approach.
Not only that, Binance's new Chief Executive Officer (CEO) Richard Teng said that his team plans to make Binance a firm that aligns with traditional financial regulations.
However, the reasons for delisting XMR and the rest of the digital assets were not clearly outlined but the announcement provided some possible factors that Binance considered.
