The popular exchange Binance is getting ready to delist all privacy tokens in nations like France and Italy, which would make cryptocurrency less private in Europe.
According to local regulatory laws in the countries listed above, 12 privacy coins will no longer be traded on Binance. The update was delivered to users in Poland, France, and Italy by email.
Binance stated in an email to French consumers that, due to national legal constraints, it was no longer allowed to provide enhanced anonymity crypto assets, or CAE, in numerous European nations.
Zcash (ZEC), Monero (XMR), Decred (DCR), Horizen (ZEN), Verge (XVG), Dash (DASH), Secret (SCRT), Firo (FRO), Navcoin (NAV), PIVX (PIVX), Mobilecoin (MOB), and BEAM (BEAM) are the privacy currencies that will be delisted. On June 26, 2023, the delisting will go into effect.
To enhance user privacy, privacy-focused coins like Monero or Zcash have been developed to disguise blockchain transactions.
Because of concerns about anti-money laundering (AML) and preventing the funding of terrorists, governments throughout the world strongly discourage the use of privacy-focused cryptocurrencies and other crypto privacy technology.
Huobi, a significant cryptocurrency exchange, stopped supporting seven privacy cryptocurrencies like Monero in September 2022, blaming government concerns. Before this, the major cryptocurrency mixer Tornado Cash was sanctioned for use by American authorities.
The announcement comes as several international countries implement the Financial Action Task Force’s Travel Rule, a significant set of AML laws. The necessity to provide specific consumer data regarding cryptocurrency transactions to authorities is one of the primary components of the Travel Rule.