Binance allows European customers to trade privacy coins again.
Binance initially planned to remove specific privacy coins from trading in certain EU countries, but has now reversed this decision after revising its approach to comply with local regulatory requirements.
The global cryptocurrency exchange announced that it will no longer halt trading of privacy tokens in Spain, France, Italy, and Poland, after taking into account community feedback and engaging with various projects.
Last month, Binance informed European users via email that it would no longer offer 12 privacy-focused coins starting June 26th. However, the exchange will continue to offer seven tokens in the four EU countries, including Decred (DCR), Dash (DASH), Zcash (ZEC), PIVX (PIVX), Navcoin (NAV), Secret (SCRT), and Verge (XVG).
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“Beam (BEAM), Monero (XMR), MobileCoin (MOB), Firo (FRO), and Horizen (ZEN) are still included in the restrictions,” Binance told The Block.
“After carefully considering feedback from our community and several projects, we have revised how we classify privacy coins on our platform to comply with EU-wide regulatory requirements,” a Binance spokesperson told cryptonews via email.
EU’s New MiCA Regulatory Framework for Crypto
The European Union’s groundbreaking new crypto regulations are set to take effect on June 29th, according to the EU Official Journal on June 9th. This requires cryptocurrency firms to comply with its provisions by that date.
The second version of this law could possibly address topics such as DeFi, NFTs, lending, staking, among others that were not covered in the previous version of Markets in Crypto Assets (MiCA).
“As a cryptocurrency exchange with registrations in different EU jurisdictions, we are obliged to follow EU regulations that require exchanges to be able to monitor transactions for coins listed on our platform,” the exchange said in the email statement to blockchain.
Previously, cryptocurrency exchanges such as Kraken, Bittrex, and Huobi had already removed popular privacy coins like Dash and Monero.
