Monero Makes Comeback Following Binance Delisting Price Dip

Privacy coin Monero (XMR) has shot up again after experiencing a plunge following news that crypto exchange Binance would delist the controversial coin.

XMR is now priced at $130.54, according to CoinGecko, up more than 23% in the past day.

It hasn’t erased its post-Binance losses, however, and over a seven-day period is still down 21%. Zooming out further, and XMR is hurting bad over the month, having shaved off nearly 15% of its value in 30 days.

The world’s biggest crypto exchange Binance announced on Tuesday that it would delist the coin, which allows users to make anonymous transactions.

Binance said that the asset no longer met “high level of standard we expect.” It added that it delists tokens when trading volume and liquidity are low, or when there is evidence of unethical or fraudulent conduct.

The exchange did not specify the specific reason for delisting XMR.

Back in January, Binance hadtelegraphed it was monitoring XMR and other privacy coins to see if it would continue allowing users to trade them.

XMR is the biggest privacy coin, with a market cap of $2.3 billion. It is the 42nd biggest cryptocurrency.

XMR and other privacy coins use varying cryptographic techniques to obscure details around transactions so people can send and receive them anonymously.

This makes them different to major digital assets like Bitcoin (BTC) or Ethereum (ETH), where every movement is recorded on a public blockchain.

As a result, law enforcement has been keeping an eye on privacy coins, and trying to figure out how to track them.

Back in 2020, the Internal Revenue Service (IRS) said it was offering a reward of $625,000 for anyone able to break Monero’s privacy.

Edited by Ryan Ozawa.