Belgium’s Binance Users Warned That 4 Altcoins Will Be Removed
Due to regulatory pressure, cryptocurrency exchange Binance has decided to delist four cryptocurrencies in Belgium.
Binance, a cryptocurrency exchange, has said it would no longer trade some privacy coins in Belgium, citing the need to comply with local law.
Binance’s customer care staff notified Belgian customers via email that the exchange will begin supporting trading in Monero (XMR), MobileCoin (MOB), Firo (FIRO), and Horizen (ZEN) tokens on September 21, 2023 at 19:00 UTC.
According to Binance, Exchanges must be able to completely trace transactions involving currencies listed on their platforms in order to be in compliance with EU rules, and the privacy coins stated above do not enable this.
On the other hand, BEAM was delisted from the stock exchange and its value was said to be “artificially devalued” by the market.
Holders of these privacy coins will still be able to withdraw them from Binance, but the tokens can no longer be used to make purchases or create new positions. The exchange also said that the conversion function would be reduced to a reduction-only mode, whereby trades could be closed but no new trades could be placed.