Reports Suggest That Binance is Reviewing the Status of Privacy Coins on Its Platform

Recent reports from members of the Zcash community indicate that Binance, the largest cryptocurrency exchange, would be preparing to review all privacy coins listed on its platform and possibly delist some. The exchange has been in talks with project representatives since November 2023, when it expressed its worries about not having the possibility of determining the origin of funds in some Zcash transactions.

Binance to Make a Comprehensive Review of Privacy Coins

Reports indicate that Binance, one of the largest cryptocurrency exchanges, is reviewing the status of privacy coins listed on its trading platform, even considering delisting some. The exchange had been in talks with representatives of these projects about making changes to improve their compliance efforts with the upcoming MiCA implementation.

Jason McGee, a Zcash community grants member, has been having regular meetings with Binance since November 2023, when the exchange expressed its worries about not having the possibility of determining a source address for some Zcash transactions, making it difficult to prove that these funds do not come from an Office of Foreign Assets Control (OFAC) flagged address.

On January 11, after having a meeting with Binance where they rejected implementing a solution to avoid being delisted, McGee declared:

Binance plans to evaluate the discussions they’ve had with various privacy coin projects, whether they plan to adhere to Binance’s requests, and then potentially delist some coins based on this review.

Furthermore, he clarified that the Zcash team had done “everything possible to cooperate with Binance to prevent delisting” and that if this finally came to happen, it would be due to Binance taking a “hard stance” against privacy coins and not from a lack of a viable proposal to address its concerns.

McGee and the Zcash team expect a decision to be reached by January 19.

Binance recently assigned the monitoring tag to various cryptocurrency assets, including Zcash and Monero.

What do you think about Binance’s stance on privacy coins? Tell us in the comments section below.

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