Binance, a prominent name in the realm of crypto exchanges known for its massive trade volume, recently unveiled plans to delist 12 privacy-centric digital currencies from its trading platforms in four European countries. Effective from June 26, 2023, crypto enthusiasts residing in Spain, France, Poland, and Italy will find themselves unable to buy or trade these specific privacy-oriented cryptocurrencies on the Binance platform.

Binance to Delist 12 Privacy Coins in Spain, France, Poland, and Italy:

The decision of Binance to exclude these privacy coins in Spain, France, Poland, and Italy was conveyed to its customers in the respective countries via emails. The list of digital currencies on the chopping block includes popular privacy coins like dash (DASH), verge (XVG), beam (BEAM), monero (XMR), navcoin (NAV), firo (FIRO), horizon (ZEN), secret (SCRT), zcash (ZEC), pivx (PIVX), decred (DCR), and mobilecoin (MOB).

In a communique to its French clientele, Binance elaborated, “Due to local regulatory obligations, we regret to inform you that Binance cannot continue offering privacy-centric digital currencies in France.” The email further read, “Starting from June 26, 2023, users located in France will not be able to buy or trade the aforementioned privacy coins via our platform.”

The fallout from this news had an immediate impact on the market.

Privacy coins recorded a 3.2% drop in value against the US dollar on Wednesday. As it stands, the aggregate market capitalization of all extant privacy coins is roughly $5.73 billion. Monero (XMR) is at the forefront of this group, despite witnessing a 2.4% dip. DASH, the second-largest privacy coin in terms of market capitalization, endured a fall of 3.5%. Notwithstanding these setbacks, the leading five privacy coins have shown a positive trend when evaluated based on the last week's metrics.

This is not the first instance of privacy coins facing delisting due to regulatory apprehensions. In 2021, major cryptocurrency exchanges in South Korea opted to eliminate several leading privacy coins from their platforms. A similar trend was observed in Japan back in 2018, which subsequently pervaded numerous other Asian nations in 2019. The recent announcement from Binance regarding its privacy coin delisting is another notch in its belt of regulatory obstacles, coming on the heels of its exit from the Canadian market and its confrontations with a local payment provider in Australia.

Ensure you're in the loop with the most recent news by downloading and setting up the WikiFX App on your mobile device. You can download the app from this link: https://social1.onelink.me/QgET/px2b7i8n