Binance, a cryptocurrency exchange, announced on Thursday (4th) that it will add “observation tags” to 10 cryptocurrencies on its platform, including privacy coins such as Monero (XMR), Zcash (ZEC), Zen (ZEN), and Firo (FIRO), and warned that these tokens may no longer meet the listing standards of the exchange.
The cryptocurrencies that will be included in the Binance observation tags list are as follows:
Aragon (ANT)
Firo (FIRO)
Keep3rV1 (KP3R)
Mdex (MDX)
MobileCoin (MOB)
Reef (REEF)
Vai (VAI)
Monero (XMR)
Zcash (ZEC)
Horizen (ZEN)
In the announcement, Binance stated that users will need to pass the corresponding tests on the Binance spot or margin trading platform every 90 days to obtain trading permission for these tagged tokens.
Regarding this matter, Reuben Yap, co-founder of Firo, stated in an interview with The Block that Firo has been actively discussing this issue with Binance since September 2023. In order to balance the compliance requirements of the exchange without compromising user privacy, the Firo team proposed the implementation of “Exchange Addresses” to the community. It is claimed that by using “Exchange Addresses,” exchanges can prove to regulatory agencies that they can see the historical records of deposit addresses.
Last week, OKX exchange also announced actions on multiple tokens including ANT, XMR, ZEC, and ZEN. According to the announcement, OKX will gradually delist several trading pairs of these tokens this Thursday and Friday, including ANT-USDC, XMR-BTC, XMR-ETH, XMR-USDT, XMR-USDC, ZEC-BTC, ZEC-USDT, ZEC-USDC, ZEN-BTC, and ZEN-USDT.
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