cryptointelligence.co.uk
Binance, a leading cryptocurrency exchange, has reversed its decision to delist several privacy coins in Europe.
The change in plans comes after the exchange revised its operations to comply with local regulations.
Binance stated that it had taken into account feedback from the community and various projects, leading to a revision in how privacy coins are classified on its platform to meet the regulatory requirements of the European Union (EU).
As an exchange registered in multiple EU jurisdictions, Binance emphasized that it is obliged to adhere to local regulations that necessitate the monitoring of transactions for listed coins.
Initially, Binance had intended to delist 12 privacy tokens, thereby preventing users in France, Italy, Spain, and Poland from buying or selling them, effective from June 26.
However, certain tokens, including BEAM, XMR, MOB, FIRO, and ZEN, remain subject to the restrictions outlined in the initial plan.
In response to Binance’s decision to retract the overall ban on privacy coins, various projects have taken to Twitter to reassure their community members. Verge Currency, for example, shared an update on June 22 confirming that it would not be delisted.
Similarly, the Secret Network also confirmed that it is among the currencies that Binance will not delist.
These developments from Binance coincide with the European Union’s efforts to establish standards for digital assets through the Markets in Crypto-Assets (MiCA) regulations, which were signed into law on May 31.
With clear regulations in place, EU policymakers aim to position Europe as a hub for cryptocurrencies and digital assets. In July, the European Securities and Markets Authority plans to launch a consultation process for MiCA, allowing an 18-month timeline for the full implementation of the regulatory framework.
Players in the cryptocurrency industry, including Ripple, a cryptocurrency payments service provider, have welcomed the regulatory clarity provided by the MiCA regulations.
The move toward transparent and well-defined regulations is expected to foster growth and stability in the European crypto market.
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