The cryptocurrency exchange Binance, known for its high trading volume, recently announced that it would be delisting Monero’s XMR and Multichain’s MULTI by February 20th. In addition to these digital assets, Binance also revealed that tokens such as Aragon (ANT) and Vai (VAI) would be delisted from several products on its platform due to failure to meet listing criteria. This news had an immediate impact on the value of XMR and MULTI, with both experiencing a significant drop of around 20%. XMR reached as low as $136, while MULTI fell to $1.55, according to data from CryptoSlate.
The decision to delist Monero did not come as a surprise, as Binance had previously warned about potential failures to meet listing criteria due to increased volatility and associated risks. However, market observers speculate that the delisting of Monero may also be related to Binance’s recent efforts to comply with evolving regulatory standards. Privacy-focused coins like Monero have drawn regulatory attention due to concerns about their potential misuse in illicit activities. In response to these concerns, major exchanges such as OKX have already delisted Monero. It is worth noting that Monero is currently the largest privacy-oriented blockchain network in terms of market capitalization.
Multichain, a cross-chain protocol that enables the bridging of assets and NFTs across multiple blockchains, has faced its own set of troubles. Last year, the protocol made headlines when $126 million worth of funds disappeared and its CEO was detained by Chinese authorities. As a result, the Multichain team was unable to maintain operations, leading to complaints from users about delayed transactions and locked funds. These issues undoubtedly contributed to the decision to delist MULTI from Binance.
While the delisting of XMR and MULTI had a significant impact on their value, the decision had a milder effect on other digital assets. Aragon (ANT) and Vai (VAI) experienced price drops of less than 1% following Binance’s announcement. This suggests that the market was already anticipating the delisting of certain tokens and thus, the impact was less severe.
The delisting of Monero’s XMR and Multichain’s MULTI by Binance has caused a steep drop in their respective values. This decision is not entirely unexpected, given Binance’s previous warnings about potential failures to meet listing criteria. The delisting of Monero may also be connected to the exchange’s efforts to comply with evolving regulatory standards. Additionally, the troubles faced by Multichain, including the disappearance of funds and the detention of its CEO, likely played a role in the decision to delist MULTI. While the value of other digital assets like Aragon and Vai was also affected, the impact was relatively minor. As regulatory scrutiny and market volatility continue to shape the cryptocurrency landscape, it remains to be seen how exchanges will navigate these challenges and adjust their listing criteria accordingly.
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