Monero Fell to All-Time Low After Binance Delists Privacy Token (2024)

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Monero Fell to All-Time Low After Binance Delists Privacy Token? ›

Monero (XMR) slumped to an all-time low of 1.8 million after crypto exchange Binance said it will stop listing the privacy token as of Feb. 20. Privacy coins are cryptocurrencies that preserve anonymity by obscuring the flow of money across their networks, making it difficult to determine who sent what to whom.

Summary. Privacy coins have underperformed compared to mainstream cryptocurrencies like Bitcoin and Ethereum. Monero suffered a significant decline after Binance announced a future delisting, impacting its liquidity and onboarding of new holders. The investment case for privacy coins is weak.

Why is Binance Delisting XMR? Monero faced regulatory scrutiny due to its privacy features that could enable illicit activities. This is the case filed against Monero and Binance sees it as a strong reason to delist the token!

The lowest price paid for Monero (XMR) is $0.2162, which was recorded on Jan 14, 2015 (over 9 years). Comparatively, the current price is 77,340.74% higher than the all-time low price.

The decision to delist XMR is based on various factors, including “contribution to a healthy and sustainable crypto ecosystem,” “evidence of unethical or fraudulent conduct or negligence,” as well as responsiveness to Binance's periodic due diligence requests and others.

Our most recent Monero price forecast indicates that its value will increase by 6.13% and reach $175.57 by June 23, 2024. Our technical indicators signal about the Bullish Bullish 81% market sentiment on Monero, while the Fear & Greed Index is displaying a score of 63 (Greed).

Monero (XMR) slumped to an all-time low of 1.8 million after crypto exchange Binance said it will stop listing the privacy token as of Feb. 20. Privacy coins are cryptocurrencies that preserve anonymity by obscuring the flow of money across their networks, making it difficult to determine who sent what to whom.

“After almost seven years of operation, due to a combination of internal and external factors, we have made the difficult decision to close our platform. “We're extremely thankful for the love and support we've received over the years. We couldn't have done it without you. We love you all,” the statement read.

In a move that sent shivers down the spines of privacy coin enthusiasts, Binance, the world's leading cryptocurrency exchange, delisted Monero (XMR) in February 2024. This decision, along with the delisting of other privacy-focused coins by OKX, has cast a shadow over the future of these digital currencies.

Every Monero blockchain user and their transactions are anonymous by default. Two essential characteristics are the cornerstone of the Monero Protocol: Untraceability - All possible senders are equiprobable for each incoming transaction.

What happens when a coin is delisted on Binance? ›

When a token is delisted, investors who hold that token will still be able to withdraw their funds from the exchange. However, they will no longer be able to trade the token on that exchange. There are a few ways to still trade delisted tokens: Trade on a different exchange.

Because every transaction is private, Monero cannot be traced. This makes it a true, fungible currency. Merchants and individuals accepting Monero do not need to worry about blacklisted or tainted coins.

Monero's current circulating supply is 18.44M XMR out of max supply of 18.20M XMR. The current yearly supply inflation rate is 0.81% meaning 147,544 XMR were created in the last year.

Monero's infinite supply of coins was one of the most significant causes for developers' concern.

Crypto exchange Kraken is set to delist Monero for customers in Ireland and Belgium in June. The decision follows similar moves to delist privacy coins by Binance and OKX.

Will Monero Reach $10,000? XMR will need to drastically increase its market cap in order to reach $10,000. Although Monero has few competitors, the probability of reaching this price level is currently low.

Its drop comes as Bitcoin has done its best to hold the $29,000 region. Other altcoins seem to be stuttering despite BTC's move higher, showing the strength in the leading cryptocurrency. Monero appears to be dropping as a result of news that it is being delisted from a popular exchange.

If the market momentum and investors' sentiment positively elevate, then Monero (XMR) might hit $250. Furthermore, with future upgrades and advancements in the Monero ecosystem, XMR might surpass its current all-time high (ATH) of $517.62. and mark its new ATH.

Long-term Monero price prediction for 2025, 2026, 2027, 2028, 2029 and 2030. Based on the historical price movements of Monero and the BTC halving cycles, the yearly low Monero price prediction for 2025 is estimated at $ 159.48. Meanwhile, the price of Monero is predicted to reach as high as $ 1,131.67 next year.

The XMR price prediction from Wallet Investor was optimistic, saying the coin could hit $180.92 by early January 2024 and a little under $303.34 in five years' time. According to PricePrediction's monero crypto price prediction, the coin could hit an average price of $217.83 in 2023 and grow to $468.79 by 2025.

Will Monero be delisted? ›

Apart from Binance and Kraken, exchanges like Huobi and OKX also announced the delisting of Monero and other privacy-focused digital assets. Huobi delisted Monero on Sept. 19, 2022, in an effort to comply with global regulations. The token has been fully delisted from OKX's trading platform since Jan.

On 20 February 2024, the cryptocurrency exchange Binance delisted Monero, citing regulatory compliance. On 11 April 2024, Kraken announced they would be delisting Monero for users located in Ireland and Belgium on June 10, 2024. As of the 10th of May 2024 Monero deposits and trades have been suspended.

As an open-source project, Monero relies primarily on donations from the community to fund its development.