Binance changes its mind over planned deletion of privacy coins for some European users

Binance will no longer delete some privacy coins, as the exchange previously announced. This was relieved via an announcement on June 26. The statement from the exchange said that it is reconsidering its classification of privacy coins after receiving feedback from its community.

The statement from Binance said, 

“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.“

Users in France, Poland, Italy and Spain would have been affected

Binance initially planned the deletion to comply with regulatory demands of some European countries. With more clarity on the stance of MiCA, the exchange has readjusted its stance. The coins that were marked for the action include Dash, Decred, Zcash, Monero, Horizen, PIVX, NavcoinFiro, Verge, Navcoin, and Mobilecoin. The deletion of the privacy coins would have prevented users of the exchange in France, Poland, Spain, and Italy from buying or selling the tokens.

Compliance with MiCA

In May, the EU adopted new rules to guide cryptocurrency assets in the region. The rules regulate all aspects of cryptocurrency usage and what is expected from service providers in the region. Elisabeth Svantesson, Minister for Finance of Sweden said,

“I am very pleased that today we are delivering on our promise to start regulating the crypto-assets sector. Recent events have confirmed the urgent need for imposing rules which will better protect Europeans who have invested in these assets, and prevent the misuse of crypto industry for the purposes of money laundering and financing of terrorism.”

The harmonized regulatory framework covers everything from operating an exchange, issuing of tokens and stablecoins bearing the global nature of cryptocurrencies in mind.

Author: Jofor Humani

Jofor is a crypto journalist with passion for investigative reviews.