Binance's Decision to Delist Monero and Multichain Leads to 20% Value Decline

By: Eliza Bennet

Binance, the world's largest crypto exchange, decided to delist Monero's XMR and Multichain's MULTI, causing their values to plummet by approximately 20%. The announcement made on Feb. 6 also mentioned the delisting of other assets, including Aragon (ANT) and Vai (VAI), as they failed to meet the platform's listing criteria.

Subsequently, their values fell significantly with XMR and MULTI marking reductions as severe as $136 and $1.55 respectively. ANT and VAI, on the other hand, experienced a less considerable decrease under 1% following the exchange's decision.

Monero, the largest privacy-oriented blockchain network, is believed to be delisted due to potential breach of evolving regulatory standards owing to its susceptibility to illicit activities. Multichain, a protocol facilitating cross-chain asset and NFT bridging, once witnessed an abrupt disappearance of $126 million funds and the detainment of their CEO by Chinese authorities, leading to their downfall.

Binance has announced that delisted tokens may be converted into stablecoins on behalf of users after 2024-05-21 03:00 (UTC). However, it also warned that such conversion is not guaranteed and will be confirmed through a separate notification.