Binance Reverses Decision to Ban Privacy Coins: A Victory for Crypto Privacy
In early June, Binance made a controversial announcement that it would ban several “privacy coins” in several European countries. However, after facing criticism from the crypto community, Binance took a step back and decided to reverse its decision. This reversal is seen as a major victory for privacy in the cryptocurrency sector.
Binance responds to criticism
On June 1, Binance announced that it would remove 12 privacy coins, including monero (XMR), zcash (ZEC), and dash (DASH), from its platform in Spain, France, Italy, and Poland. This move raised concerns about potential money laundering facilitation. Last week, Binance released a statement in response to the criticism:
“After carefully considering feedback from the community and projects, we have adapted the privacy coin classification on our platform to meet the requirements of the European Union.”
It is reassuring to see that Binance is responsive to the feedback from the crypto community, solidifying its position as the leading crypto exchange.
Although not all 12 privacy coins will be saved, emails received by users in these countries indicate that BEAM, XMR, ZEN, MOB, and FIRO will still be delisted. However, the remaining privacy coins have reassured their users via Twitter.
Privacy coins prevail
The partial reversal of Binance’s initial decision is a significant win for privacy in the crypto sector. Privacy coins enable completely anonymous transactions, and losing this anonymity capability would be a major setback.
Earlier this year, the European Union approved the MiCa crypto law, which will enforce new crypto regulations starting next year. With these new regulations, changes and obstacles are expected to arise. Nevertheless, the collaboration between the European Union and the crypto industry is a positive indication of progress.