Binance, the world’s largest cryptocurrency exchange, has made a significant move to comply with local regulatory requirements in France, Poland, and Italy. Binance announced through an email notification sent to users in these countries that it will halt the trading of privacy-focused cryptocurrencies.
According to the email notification, the affected tokens include DCR, DASH, ZEC, ZEN, PIVX, NAV, SCRT, XVG, FIRO, BEAM, XMR, and MOB. These privacy-focused cryptocurrencies have become popular recently due to their features that allow users to track their transactions and keep certain information about their accounts confidential.
Binance’s decision comes in response to demands from financial institutions and regulatory bodies in countries like France, Poland, and Italy, which aim to implement stricter measures to monitor and regulate cryptocurrencies in order to prevent activities such as money laundering, terrorism financing, and tax evasion.
Additionally, Binance stated that it will support its users in the process of complying with new regulations and will provide time for users to safely withdraw their assets after halting the trading of privacy-focused cryptocurrencies.