Binance delists privacy coins for European users amid layoff rumors Binance delists privacy coins for European users amid layoff rumors
Binance will delist privacy tokens for users in France from June 26 and it says it is evaluating talent for the next bull market.
2 min read
Updated: May. 31, 2023 at 5:05 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Binance said it would delist privacy coins for users in unnamed jurisdictions from June 26, according to an emailed statement to CryptoSlate.
“As part of Binance’s ongoing compliance processes, we have reached out to affected users, to notify them that they will no longer be able to purchase or trade privacy tokens on our platform after June 26th.”
Early indications from the Crypto Twitter community suggest that the affected regions include Spain, France, and Poland. Several members of the community shared screenshots of emails from the exchange showing that it would no longer support the under-listed tokens:
“Decred (DCR), Dash (DASH), Zcash (ZEC), Horizen (ZEN), PIVX (PIVX), Navcoin (NAV), Secret (SCRT), Verge (XVG), Firo (FIRO), BEAM (BEAM), Monero (XMR) and MobileCoin (MOB).”
A spokesperson for the crypto exchange told CryptoSlate that the exchange’s decision complied with “local laws and regulations regarding the trading of privacy coin.” It added that the decision was made “to ensure we can continue serving as many users as possible.”
On May 16, the European Union unanimously passed its landmark crypto legislation, Markets in Crypto Assets (MiCA). In November 2022, Coindesk reported that the bill could ban crypto service providers from dealing in privacy-enhancing coins.
Meanwhile, Dubai’s Virtual Assets and Regulatory Authority (VARA) also barred the issuance of these digital assets within its region.
Binance “reevaluating” talents in preparation for the next bull cycle
In a separate development, Binance said it was reviewing whether it has the right talent and expertise in critical roles as it prepares for the next major bull cycle, according to a May 31 emailed statement shared with CryptoSlate.
Earlier today, Wu Blockchain reported that the crypto exchange laid off about 20% of its staff.
In response, the exchange told CryptoSlate that it is still seeking to fill open roles within the organization. It added that its hiring process “will include looking at certain products and business units to ensure our resources are allocated properly to reflect the evolving demands of users and regulators.”
This year, Binance has faced increased regulatory scrutiny on multiple fronts. The exchange is under investigation in Australia and has been sued by the U.S. CFTC. It has also exited the Canadian market, citing the unfavorable regulatory environment.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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