Home Altcoins News Binance Shocks Crypto Markets: Monero and Multichain Delisted, Prices Plummet

Binance Shocks Crypto Markets: Monero and Multichain Delisted, Prices Plummet

In a stunning move reverberating across the cryptocurrency landscape, Binance, the world’s largest crypto exchange, has announced the impending delisting of two major digital assets, Monero (XMR) and Multichain (MULTI). The decision, set to take effect by February 20, has triggered a sharp decline in the values of both tokens, marking a significant development in the ongoing saga of regulatory scrutiny and market volatility.

Binance’s announcement, made on February 6, caught many investors and enthusiasts off guard, sparking intense speculation about the reasons behind the exchange’s drastic action. Alongside Monero and Multichain, other tokens such as Aragon (ANT) and Vai (VAI) are also slated for delisting, as they no longer meet Binance’s stringent listing criteria.

The repercussions of Binance’s move were immediately felt in the market, with Monero and Multichain experiencing a precipitous drop of approximately 20% in their respective values. Monero, the leading privacy-focused coin, saw its price plummet to as low as $136, while Multichain dipped to $1.55, according to data from CryptoSlate.

But why is Binance choosing to part ways with Monero and Multichain? The answer lies in a complex web of regulatory concerns, security issues, and operational challenges that have plagued both projects in recent times.

For Monero, its status as the premier privacy-oriented blockchain network has made it a prime target for regulatory scrutiny. Concerns about its potential use in illicit activities have led major exchanges, including OKX, to delist the coin. Binance’s decision could be interpreted as a proactive measure to align with evolving regulatory standards and mitigate potential risks associated with privacy coins.

Binance’s decision to delist Monero and Multichain does not come as a complete surprise, considering the exchange’s previous warnings regarding potential non-compliance with listing criteria due to heightened volatility and associated risks.

Market observers speculate that the delisting of Monero could be tied to Binance’s recent efforts to align with evolving regulatory standards. Privacy-focused coins like Monero have attracted regulatory attention due to concerns about potential misuse in illicit activities. This move follows a trend set by other major exchanges, such as OKX, which also delisted privacy-oriented coins due to regulatory pressures. Notably, Monero stands as the largest privacy-oriented blockchain network by market capitalization.

On the other hand, Multichain faced a series of challenges in the past year, drawing particular attention when $126 million worth of funds disappeared abruptly, leading to the Chinese authorities detaining its CEO. Subsequently, the protocol’s team ceased operations as users reported delayed transactions and locked funds, making it challenging to sustain operations.

Meanwhile, Multichain’s tumultuous journey has been marked by controversy and setbacks. The cross-chain protocol, designed to facilitate asset and NFT bridging across multiple blockchains, made headlines last year when $126 million worth of funds disappeared mysteriously, leading to the detention of its CEO by Chinese authorities. Subsequent operational challenges and user complaints further tarnished Multichain’s reputation, culminating in Binance’s decisive action to remove it from its platform.

The delisting of Monero and Multichain underscores the inherent volatility and uncertainty inherent in the cryptocurrency market. As regulatory pressures mount and security concerns intensify, exchanges like Binance are forced to reassess their listings and uphold stringent standards to protect investors and maintain market integrity.

Looking ahead, the fate of Monero and Multichain remains uncertain. While Binance has hinted at the possibility of converting delisted tokens into stablecoins for users, the long-term implications for these projects remain unclear. Will they be able to weather the storm and regain lost ground, or will they fade into obscurity as cautionary tales in the annals of cryptocurrency history?

As investors and enthusiasts grapple with these questions, one thing is certain: the crypto market continues to evolve at a breakneck pace, presenting both opportunities and challenges for participants across the globe.

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Evie is a blogger by choice. She loves to discover the world around her. She likes to share her discoveries, experiences and express herself through her blogs.

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