On Thursday, cryptocurrency exchange Binance announced that it will add “observation labels” to 10 cryptocurrencies on its platform, including privacy coins such as Monero (XMR), Zcash (ZEC), Zen (ZEN), and Firo (FIRO). Binance also warned that these tokens may no longer meet the listing standards of the exchange.
The cryptocurrencies that will be included in Binance’s observation label list are as follows:
– Aragon (ANT)
– Firo (FIRO)
– Keep3rV1 (KP3R)
– Mdex (MDX)
– MobileCoin (MOB)
– Reef (REEF)
– Vai (VAI)
– Monero (XMR)
– Zcash (ZEC)
– Horizen (ZEN)
Binance stated in the announcement that users will need to pass corresponding tests on Binance’s spot or margin trading platforms every 90 days in order to have trading permissions for these labeled tokens.
Regarding this matter, Reuben Yap, co-founder of Firo, stated in an interview with The Block that Firo has been actively discussing this issue with Binance since September 2023. In order to balance the compliance requirements of exchanges without sacrificing user privacy, the Firo team proposed the implementation of “exchange addresses” to the community. It is claimed that by using “exchange addresses,” exchanges can prove to regulatory authorities that they can see the historical records of deposit addresses.
Last week, OKX exchange also announced actions taken on various tokens, including ANT, XMR, ZEC, and ZEN. According to the announcement, OKX will gradually delist several trading pairs of these tokens, including ANT-USDC, XMR-BTC, XMR-ETH, XMR-USDT, XMR-USDC, ZEC-BTC, ZEC-USDT, ZEC-USDC, ZEN-BTC, and ZEN-USDT.
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