Binance complies with EU regulations, cancels plan to delist privacy coins.

Binance has revised its decision to remove several privacy coins from its platform in Europe. The exchange will no longer delist these coins as it strives to comply with regulations set by European authorities.

Binance will now reclassify privacy coins in order to comply with regulations. In a recent statement, Binance said:

“After carefully considering feedback from our community and several projects, we have revised how we classify privacy coins on our platform to comply with EU-wide regulatory requirements.”

Binance also noted that it must comply with regulations in several individual European Union (EU) jurisdictions since it is registered in these places. The exchange said these jurisdictions have specific laws that expect Binance to “monitor transactions for coins listed on our platform.”

Binance Planned to Delist Multiple Privacy Coins in Europe

Last month, Binance announced that it would stop allowing trading of privacy coins in Poland, France, Spain, and Italy. At the time, Binance said that at least a dozen coins would be affected.

The exchange named Dash (DASH), Zcash (ZEC), BEAM, Verge (XVG), Monero (XMR), PIVX, and MobileCoin (MOB). Other named coins are Horizon (ZEN), Firo (FIRO), Decred (DCR), Navcoin (NAV), and Secret (SCRT). Binance said it made this decision “as part of Binance’s ongoing compliance processes.”

The Binance announcement was met with some resistance. For instance, Guy Zyskind, CEO of Secret Labs, said Secret has attempted to rectify what it considers to be a misclassification. Zyskind told Decrypt that only data contained in smart contracts is confidential, while transactions remain public. According to him, “Secret is much more appropriate for GDPR-type applications in the blockchain setting.”

Privacy coins provide users with much more anonymity than is ordinarily available. These coins obscure user transactions such that surveillance becomes nearly impossible. As a result, authorities have become increasingly averse to privacy coins as they believe these assets are easily used for money laundering and other illegal transactions.

The European Union and MiCA

In April, the EU passed the Markets in Crypto Assets (MiCA) bill to regulate the digital currency sector. The bill was first introduced in 2020 to provide clarity for Virtual Assets Service Providers (VASPs). While there are several arguments against MiCA, privacy coins may be more affected than other types of digital assets. For instance, MiCA would require exchanges to only support privacy coins if they verify user identities.

The EU Parliament voted 517-38 in favor of MiCA after multiple deliberations. For instance, it postponed a final vote for the second time due to translation issues. A postponement in January followed a previous delay in November 2022 because the legal document had to be translated into all 24 official languages.

With MiCA, the EU has pioneered comprehensive crypto regulations and provided clarity that may be absent in other places like the US. Crypto firms in the US have been at loggerheads with authorities like the SEC for what many have described as a deliberate attempt to avoid providing clarity.

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