Binance has announced that it will delist privacy coins for users in certain jurisdictions effective June 26. The crypto exchange said that it had reached out to affected users to inform them that they will no longer be able to purchase or trade privacy tokens on its platform after the aforementioned date. This move is part of Binance’s ongoing compliance processes and is in line with local laws and regulations regarding the trading of privacy coins.
The affected regions have not been named, but early indications from the Crypto Twitter community suggest that they may include Spain, France, and Poland. Screenshots of emails from the exchange shared on social media show that Binance will no longer support the following 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).
Binance said that it made this decision to ensure that it can continue serving as many users as possible. A spokesperson for the exchange added that the move was necessary to comply with local laws and regulations regarding the trading of privacy coins.
Earlier this year, the European Union 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. Dubai’s Virtual Assets and Regulatory Authority (VARA) also barred the issuance of these digital assets within its region.
In a separate development, Binance has announced that it is reviewing whether it has the right talent and expertise in critical roles as it prepares for the next major bull cycle. According to a statement shared with CryptoSlate, the exchange 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.”
Earlier this week, Wu Blockchain reported that Binance had laid off about 20% of its staff. In response, Binance told CryptoSlate that it is still seeking to fill open roles within the organization.
Binance has faced increased regulatory scrutiny on multiple fronts this year. 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.