Image courtesy of Binance’s Twitter page
- Binance is reversing its initial decision to remove privacy coins in a number of European countries.
- Despite regulatory pressure, Binance chooses to maintain financial freedom and deny CBDCs a chance to rise.
Binance has announced that it will allow Italy and neighboring countries to trade privacy coins such as Monero, ZCash, Dash and others. Earlier this year, the world’s largest crypto exchange by volume announced plans to delist these coins to comply with regulatory requirements.
The latest update confirms that users in Italy, Poland, Spain and France are allowed to continue trading tokens including Zcash (ZEC), Monero (XMR), Decred (DCR), Horizen’s (ZEN), Verge (XVG), Dash (DASH), Secret (SCRT), Firo, Navcoin (NAV), MobileCoin (MOB), Beam and PIVX.
The listed exchange;
After carefully considering feedback from our community and various projects, we have revised the way we classify privacy coins on our platform to comply with EU-wide legal requirements.
Crypto Project Secret shared the exciting news with its community, noting that Binance was meeting the needs of the community.
Read: https://t.co/woAkM139yk pic.twitter.com/U3CouL4vFH
— 𝕊ecret Network 🤫⚡️ (@SecretNetwork) June 23, 2023
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Binance has faced regulatory pressure around the world due to the way it operates. In some countries, it faces investigations or has been denied operating licenses. Binance has therefore gone to great lengths to comply with regional requirements.
Read more: Belgium sets roadblocks for Binance in Europe, demands cessation of operations
Are privacy coins under threat?
Regulators around the world have been urging crypto exchanges to remove privacy coins they consider dangerous. Privacy coins are often associated with illegal activities and law enforcement say they can easily be used for illegal trade and criminal financing. However, this is far from the truth as a majority of privacy coin users appreciate the added layer of security and anonymity. The users realize that financial privacy is key in this new digital age and these privacy coins provide it.
Despite strict regulations, privacy coins have gained popularity with Monero (XMR), the most valued privacy coin with a market cap of just over $3 billion. However, there is still great growth potential as it has lost more than 60 percent of its value in the last 2 years. As adoption continues to grow, analysts expect the token to continue to lead, retest and possibly surpass the current high. Other privacy coins are destined to follow suit.
Binance embraces privacy coins to promote financial freedom
As previously reported, some European countries, including France and Spain, are working on CBDCs. Analysts have warned that the new form of money will lead users to give up their financial privacy. CBDCs are easily traceable and vulnerable to government manipulation or cyber-attacks. By continuing to support privacy coins, Binance promotes financial freedom and privacy.
Binance CEO Changpeng Zhao has long been a proponent of cryptocurrencies and the benefits they offer. This means providing users with financial freedom and privacy, which its exchange is now embracing with its latest decision.
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