Key Takeaways:
- Binance will convert Monero and 14 other tokens to USDC starting September 2, 2024.
- The conversion process will be completed by March 1, 2025, with funds appearing in users' wallets.
- XMR's delisting reflects ongoing regulatory pressure on privacy-focused cryptocurrencies.
YEREVAN (CoinChapter.com) — Binance announced its plan to remove Monero (XMR) from its platform. Starting September 2, 2024, the exchange will convert Monero and 14 other tokens to USD Coin (USDC). This follows the delisting announcement made in February 2024. The conversion process will finish by March 1, 2025, when the funds will appear in users’ wallets.
Binance to Convert XMR and Privacy Coins Amid Regulatory Pressure
On September 2, 2024, Binance will begin converting all remaining XMR balances to USDC. The funds won’t be available until March 1, 2025. The conversion rate will depend on the average exchange rate of Monero between September 2, 2024, and March 1, 2025. Binance will also convert the balances of other tokens like Bitcoin Gold (BTG), MobileCoin (MOB), and Sologenic (SOLO) to USDC.
Monero is known for its strong privacy features. The delisting of XMR by Binance shows the ongoing regulatory pressure on privacy coins. These coins often face scrutiny due to their potential use in illicit activities. Mykola Siusko, a contributor to Web3Privacy Now, said,
“Binance is widening the gap between original decentralization ethos and regulated surveillance capitalism. Misleading millions of people about what Web3 is about—permissionless and freedom.”
XMR and 14 Other Tokens Delisted: Conversion Details and Impact
Despite the news, Monero’s price remained stable. According to CoinGecko, Monero traded at $148.92, reflecting a slight 0.7% decrease. Binance users holding Monero or other affected tokens can withdraw their assets until September 1, 2024. After this date, Binance will convert any remaining balances to USDC.
Binance will also convert several other tokens to USDC. These include Bitcoin Gold (BTG), Bitcoin Standard Hashrate Token (BTCST), Bitshares (BTS), District0x (DNT), Groestlcoin (GRS), Hegic (HEGIC), MobileCoin (MOB), Monetha (MTH), Multichain (MULTI), Navcoin (NAV), Sologenic (SOLO), Spartan Protocol (SPARTA), Symbol (XYM), and Tribe (TRIBE). The conversion will be based on the average exchange rate over six months, from September 2, 2024, to March 1, 2025.
Monero, along with these tokens, is part of Binance’s effort to comply with global regulatory standards.
