Yesterday, Binance announced the next cryptocurrencies to be delisted from the Exchange at the end of the month. This is not something new, it is a periodic review in which the decision is based on a list of factors, they review issues such as the development and evolution of the project, the commitment of the team, the volume of exchange and liquidity, and among many others, they also evaluate the contribution of that cryptocurrency to the ecosystem. Paradoxically, one of the cryptocurrencies that will no longer be available is Monero (XMR).
Monero? Monero ranks 38th in market capitalization according to CoinMarketCap, and its focus on transaction privacy has made it popular with those who value their freedom and privacy. So why is it being delisted?
One explanation, perhaps conspiratorial or paranoid, could be the increasing regulatory pressure Binance faces. The company has been heavily monitored for allegations related to money laundering, which has led to changes in its leadership, recall that its founder and former CEO faces charges in the U.S. Could it be that Binance is sacrificing Monero to comply with regulations, favor relations with regulatory bodies and stay afloat?
Why Monero? The technology behind Monero is designed to protect transactions from surveillance and censorship, which could threaten the control of regulatory bodies and thus the state. Is Binance dropping Monero to ensure its survival in an increasingly regulated environment?
While at first glance this might seem like a setback or a punch to the gut, this action in another perspective could reaffirm the importance of defending privacy and embracing the freedom that some cryptocurrencies offer. If the state is stepping up its efforts to control the crypto industry, it could be a sign that it sees this as a real threat that detracts from its political power. will it be true?
Posted Using InLeo Alpha