- The crypto token limitations will begin on June 26, 2023.
- The outcome was an instantaneous decline in the value of the leading privacy currencies.
Binance, the largest cryptocurrency exchange in the world, has decided to restrict trade in many privacy currencies, including Monero (XMR), Zcash (ZEC), and Dash (DASH), in France. Emails sent to French customers translate to “local regulatory requirements” as the reason the exchange disabled trading of crypto assets in France.
According to emails that were received on Wednesday, the crypto token limitations will begin on June 26, 2023. The outcome was an instantaneous decline in the value of the leading privacy currencies.
Crackdown on Privacy Coins
The increased governmental monitoring of the cryptocurrency business is already a major issue. And the additional limits on privacy coins just add to that. In the United States, the most substantial financial market, the crypto industry’s largest obstacle comes in the shape of the Securities and Exchange Commission (SEC).
France has joined Dubai’s Virtual Asset Regulatory Authority (VARA) in cracking down on the trade of privacy coins with these new regulations. Meanwhile, the future of these currencies in the weeks leading up to the June 26 deadline for Binance limitations is uncertain.
There is a class of cryptocurrencies known as “privacy coins” that claims to protect users’ anonymity and personal information. Some people have concerns that unlawful operations like money laundering might exploit the anonymity provided by these currencies.
On the other hand, Binance CEO Changpeng Zhao expressed his gratitude for DeSantis and others who have publicly shown their support for the cryptocurrency business. This was during an Ask Me Anything session on Wednesday. For their pro-crypto position, CZ praised both DeSantis and Miami Mayor Francis X. Suarez.
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