Binance suspends Monero withdrawals a day before delisting XMR – Finbold – Finance in Bold

0

On February 20, Binance concluded the delisting of Monero (XMR), as previously announced and reported by Finbold. The day before the delisting was tumultuous for the leading privacy coin. 
Interestingly, Binance customers reported the centralized exchange suddenly suspended Monero withdrawals on February 19, raising concerns about the company’s motives. A print screen shared on X (formerly Twitter) showed a working deposit system for XMR and the suspension warning:
“Monero (XMR): Withdrawal suspended. Low hot wallet balance”
In this context, the privacy enthusiast and commentator under the pseudonym Untraceable questioned Binance’s operation and motives. He pointed out that the exchange should have all XMR available for withdrawals following its delisting schedule to avoid mass selling.
What possible reason does Binance have to keep any XMR in a cold wallet at this point? With hours to go until delisting?

None.

They want you to have to sell XMR instead of withdrawing it. Scumbags.
According to the announcement, Binance customers will have until May 20, 2024, to withdraw any Monero left on the platform.
Meanwhile, a sell-off indeed happened on February 19, and Monero reached its all-time low against Bitcoin (BTC). XMR traded as low as 0.002100 BTC on Kraken, another centralized exchange and an alternative to Binance.
On the other hand, Monero is holding the $120 price range against the U.S. Dollar. Notably, XMR has kept its range since the delisting announcement on February 6. Trading as low as $101 following a massive sell-off and as high as $134.84 the day after.
The XMR/USD index by TradingView registers a price of $119.72 by press time.
As of writing, Binance has already delisted and disabled Monero trading and deposits on the platform. Some privacy enthusiasts celebrated the event, arguing that this will boost privacy and true price discovery moving forward.
However, losing the most liquid market is a challenge XMR has to overcome in the short term to prove its resilience. Furthermore, other trading platforms and fiat ramps may decide to follow Binance’s lead, removing Monero.
Thus, there is currently much uncertainty related to the future of this leading privacy coin, and investors must be cautious. Further development and solutions like decentralized exchanges will play a vital role in Monero’s future amid centralized exchanges’ delistings.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
Best Crypto Exchange for Intermediate Traders and Investors
Invest in 70+ cryptocurrencies and 3,000+ other assets including stocks and precious metals.
0% commission on stocks – buy in bulk or just a fraction from as little as $10.
Copy top-performing traders in real time, automatically.
Regulated by financial authorities including FCA and FINRA.
By subscribing you agree with Finbold T&C’s & Privacy Policy
Or copy link
Copyright © 2024 Finbold.com. All rights reserved. Use of this site constitutes acceptance of our Terms of Service.
WARNING: The content on this site should not be considered investment advice. Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence. This website is free for you to use but we may receive commission from the companies we feature on this site.

source

Leave a Reply

Your email address will not be published. Required fields are marked *