As per the Ninjanews, the biggest cryptocurrency exchange in the world, Binance has informed its users in several nations, particularly in France, Poland, and Italy, through an email that it would no longer be trading privacy-focused cryptocurrencies.
Binance’s Decision will Impact Major Coins
Binance said that after ceasing the trade of cryptocurrencies centered around privacy, it would give customers time to safely transfer their holdings as well as it will assist them in the process of adhering with new legislation.
DASH, ZEC Affected
The impacted coins, as stated in the email announcement, include DCR, DASH, ZEC, ZEN, PIVX, NAV, SCRT, XVG, FIRO, BEAM, XMR, and MOB.
Due to features that let users remain apprised of their financial activities and maintain the confidentiality of specific details about their accounts, these privacy-focused cryptocurrencies have lately gained popularity.
Binance to Comply with Authorities
The choice was made in accordance with requirements from financial institutions and regulatory agencies in nations like France, Poland, and Italy, which want to put more stringent controls on how cryptocurrencies are monitored and regulated with the goal to stop crimes like money laundering, supporting terrorism, and tax evasion.
Expansion of Worldwide Operations
Binance was granted a financial institution license by the Swedish Financial Supervisory Authority at the beginning of the year to manage and trade cryptocurrencies in the Scandinavian country. This marks the EU the seventh country to provide the platform this type of approval; the other six nations that have done so are Italy, France, Spain, Poland, Cyprus, and Lithuania in exchange for the commerce.
Notably, on May 12, the exchange tweeted about leaving the Canadian market. It described its decision to withdraw as “proactive,” given that recent directives from Canadian authorities have an impact on the country’s cryptocurrency industry. The company has also admitted that restrictions on bitcoin have made operating a business in the United States challenging. As a result, it is seeking regulation in the United Kingdom at the moment.