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As stated by Binance, “After carefully considering feedback from our community and several projects, we have revised how we classify privacy coins on our platform to comply with EU-wide regulatory requirements.”
Binance has backtracked on its decision to delist privacy tokens in European countries.
Earlier in May, Binance announced that users residing in Italy, France, Poland and Spain will not be able to trade twelve privacy tokens after June 26.
According to Binance, the exchange made the decision to delist privacy coins to comply with local regulation. The tokens scheduled for delisting included Monero (XMR), Dash (DASH), Zcash (ZEC), Verge (XVG), Firo (FRO), Horizen (ZEN), MobileCoin (MOB), Beam (BEAM), PIVX (PIVX), Navcoin (NAV), Decred (DCR) and Secret (SCRT).
However, Binance has decided to remove the trading restrictions for seven of these coins after receiving feedback from the crypto community. Verge and Secret Network have confirmed their crypto offerings will continue to remain listed on Binance.
Meanwhile, the exchange will restrict trading services for Monero, MobileCoin, Firo, Horizen and Beam under its revised plans.
Privacy coins refer to cryptocurrencies that maintain the anonymity of users by obfuscating transactions on the blockchain. As a result, regulators across the globe have cracked down on privacy coins to reduce money laundering crimes.