HomeUncategorizedXMR in Freefall: Binance Decision Triggers 24% Crash to $128 for Monero

XMR in Freefall: Binance Decision Triggers 24% Crash to $128 for Monero

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  • Monero (XMR) experienced a sharp 34% decline in market value following Binance’s decision to delist it.
  • Binance’s delisting decision was based on a rigorous review process assessing various project factors.

Monero (XMR) has recently experienced significant price fluctuations, with a sharp 34% decrease in its market value. This downturn followed Binance’s announcement of discontinuing all trading pairs involving XMR.

Binance, one of the leading cryptocurrency exchanges, declared its decision to delist XMR through an official blog post. This move affects not only Monero but also three other tokens: Multichain (MULTI), Aragon (ANT), and Vai (VAI). Effective February 20, traders will no longer have access to these tokens on Binance’s spot platform.

The decision to delist Monero stems from Binance’s rigorous review process applied to all listed digital assets. This evaluation includes factors such as project team dedication, developmental activity, trading volume, and liquidity. Additionally, aspects like stability, security, reliability of smart contracts, and public engagement are considered.

Monero and the other delisted tokens failed to meet Binance’s criteria, leading to the removal of XMR trading pairs with BNB, Bitcoin, Ethereum, and Tether (USDT) from the exchange.

Binance emphasizes that this action is taken in the users’ best interests. Deposits of these tokens post-February 21 will be rejected, and withdrawals will be unavailable after May 20, 2024. Binance may automatically convert undrawn delisted tokens into stablecoins after May 21.

Following Binance’s announcement, XMR witnessed a significant 34% decline, dropping from $166.51 to $123.90. This downward trend intensified after the news release.

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Isai Alexei
Isai Alexei
As a content creator, Isai Alexei holds a degree in Marketing, providing a solid foundation for the exploration of technology and finance. Isai's journey into the crypto space began during academic years, where the transformative potential of blockchain technology was initially grasped. Intrigued, Isai delved deeper, ultimately making the inaugural cryptocurrency investment in Bitcoin. Witnessing the evolution of the crypto landscape has been both exciting and educational. Ethereum, with its smart contract capabilities, stands out as Isai's favorite, reflecting a genuine enthusiasm for cutting-edge web3 technologies. Business Email: info@ethnews.com Phone: +49 160 92211628