Crypto News

Binance removes privacy coins for European users amid layoff rumors

Binance said it will remove Privacy Coins for users in anonymous jurisdictions starting June 26, according to an emailed statement. cryptoslate,

“As part of Binance’s ongoing compliance processes, we have reached out to affected users to inform them that they will no longer be able to purchase or trade Privacy Tokens on our platform after June 26th.”

Early indications from the crypto Twitter community suggest that the affected areas include spain, FranceAnd poland, Several members of the community shared screenshots of an email from the exchange, showing that it will no longer support under-listed tokens:

Decred (DCR), Dash (DASH), Zcash (ZEC), Horizen (ZEN), PIVX (PIVX), Navcoin (NAV), Secret (SCRT), Verge (XVG), Firo (FIRO), BEAM (BEAM) , Monero (XMR) and MobileCoin (MOB).

A spokesperson for the crypto exchange told cryptoslate That the exchange’s decision complies with “local laws and regulations regarding the trading of privacy coins”. It added that the decision was made “to ensure that we can continue to serve as many users as possible.”

On May 16, the European Union unanimously passed its landmark crypto legislation, the Market in Crypto Assets (MiCA). In November 2022, CoinDesk informed of that the bill could ban crypto service providers from dealing in privacy-enhancing coins.

Meanwhile, Dubai’s Virtual Assets and Regulatory Authority (VARA) has also prohibited the issuance of these digital assets in its territory.

Binance “reassessing” talent in preparation for the next bull cycle

In a separate development, Binance said it was reviewing whether it has the right talent and expertise in key roles as it prepares for the next major bull cycle, according to an emailed statement shared on May 31. cryptoslate,

Earlier today, Woo Blockchain informed of The cryptocurrency exchange laid off nearly 20% of its employees.

In response, the exchange stated cryptoslate That it is still looking to fill open roles within the organization. It added that its hiring process “will involve looking at certain products and business units to ensure our resources are properly allocated to reflect the growing demands of users and regulators.”

This year, Binance has faced increased regulatory scrutiny on several fronts. The exchange is under investigation in Australia and has been sued by the US CFTC. It has also exited the Canadian market citing an unfavorable regulatory environment.


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