Binance Shuts Down Privacy Coins: Is This The End Of Cryptocurrency Anonymity?

Cryptocurrency exchange Binance (CRYPTO: BNB) will suspend the trading of privacy-focused cryptocurrencies.

The firm's decision is in response to the demands of financial institutions and regulatory bodies in France, Poland, and Italy.

Among the affected tokens: Decred (CRYPTO: DCR), Dash (CRYPTO: DASH), Zcash (CRYPTO: ZEC), Horizen (CRYPTO: ZEN), Pivx (CRYPTO: PIVX), Navcoin (CRYPTO: NAV), Secret (CRYPTO: SCRT), Verge (CRYPTO: XVG), Firo (CRYPTO: FIRO), BEAM (CRYPTO: BEAM), Monero (CRYPTO: XMR), and MobileCoin (CRYPTO: MOB).

These cryptocurrencies are known for their privacy-enhancing features. They allow users to maintain transaction anonymity and protect certain account information.

Also Read: EXCLUSIVE - Ledger CEO Says Open-Sourcing Does Not Equal Better Security

The move comes as regulators seek stricter measures to monitor and regulate cryptocurrencies, as well as combat money laundering, terrorism financing, and tax evasion.

Binance has pledged to support its users in complying with the new regulations by allowing sufficient time to safely withdraw assets after the trading of privacy-focused cryptocurrencies is halted.

As regulatory landscapes evolve, Binance aims to meet compliance requirements while prioritizing user safety and security.

Next: Are You In The 59%? Crypto Users Expect Advanced AI To Impact Blockchain, Trading

Image: Pixabay