In order to comply with local regulations, Binance, the world’s largest cryptocurrency exchange by trading volume, has taken a significant step. It’s halting the trading of privacy-focused cryptocurrencies in France.
Binance, following an email sent to its users in France, revealed the cryptocurrencies that will be prohibited for trading. These include “DCR, DASH, ZEC, ZEN, PIVX, NAV, SCRT, XVG, FIRO, BEAM, XMR and MOB”.
This move by Binance is aligned with recent news and developments. Binance has become a favored cryptocurrency exchange in France and Binance CEO, Changpeng Zhao, has specifically highlighted France as a potential hub for the exchange. Following France’s selection as a European center, another large exchange, OKX, also took steps regarding regulations in France, applying to the AMF.
France, flooded by exchanges like Binance and OKX, is known for its crypto-friendly approach in its regulations. This could be why France’s lucrative offers were met without hesitation by Binance.
Cryptocurrencies banned from trading in France hold top positions in terms of total market value. Privacy-focused cryptocurrencies like DASH, ZEC, XVG, BEAM, and especially XMR, are seen as established and well-known projects in the sector.
Following the news, XMR fell by 2.3%, DASH by 2.2%, ZEC by 3.4%, DCR by 2.2%, and ZEN by 4.3%. MASK, which Binance did not include in this restriction, suffered the most severe blow among privacy-focused cryptocurrencies with a 4.5% drop. Cryptocurrencies like XMR, a top 25 cryptocurrency by market capitalization, had often been criticized by regulators. Although the use of privacy-focused cryptocurrencies like XMR can never be stopped, exchanges like Binance stopping its trading could certainly strike a major blow. DASH, while also a privacy-focused cryptocurrency, is heavily used for cross-border payments, especially in Latin American countries.