See More

Binance Prohibits Trading of Privacy Coins in France: Reports

2 mins
Updated by Geraint Price
Join our Trading Community on Telegram

Regulatory concerns in France have forced Binance to disable the trading of crypto privacy coins. Users from France, Poland, and Spain have reported receiving announcements through email.

A community-run news aggregator, “Tree News,” reported on Twitter that Binance has disabled trading of crypto privacy coins for French residents. It wrote:

Binance disables trading of Privacy Coins for French residents, citing local regulatory requirements, as per an email currently being sent to users. Tokens in question: DCR, DASH, ZEC, ZEN, PIVX, NAV, SCRT, XVG, FIRO, BEAM, XMR, MOB.

Privacy Coins Get Cold Shoulder

As of writing, there has not been much impact on the price of the tokens mentioned.

Privacy coins have often received the cold shoulder from regulators because they do not allow viewing transaction details and wallet balances.

While privacy coins protect users from surveillance, their anonymity also attracts nefarious actors. Critics argue that these cryptocurrencies enable money laundering, terrorism financing, and other illegal activities.

For instance, in January 2021, the darknet marketplace White House Market exclusively accepted Monero as payment, citing privacy concerns with Bitcoin.

These instances raise concerns for regulators and governments struggling to monitor and control illicit transactions.

EU-Wide Issue for Privacy Coins?

Certainly, Binance has to cooperate with French regulators as the exchange envisions Paris as a European base. Last year, the exchange acquired a Digital Assets Service Provider (DASP) license in France.

For an in-depth look at how privacy coins work, check out our Learn page.

But, some users believe that it is a European Union-wide issue. Community members from Poland and Spain have also reported receiving similar emails from Binance.

In January, Changpeng Zhao’s company received approval from Poland’s authority and became fully compliant with local regulatory standards.

And in July last year, Binance’s subsidiary registered itself as a Virtual Assets Service Provider in Spain.

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

Got something to say about Binance or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or Twitter.

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024

Trusted

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Frame-2264-1.png
Harsh Notariya
Harsh Notariya is a journalist at BeInCrypto, who writes about various topics, including decentralized physical infrastructure networks (DePIN), tokenization, crypto airdrops, decentralized finance (DeFi), meme coins, and altcoins. Before joining BeInCrypto, he was a community consultant at Totality Corp, specializing in the metaverse and non-fungible tokens (NFTs). Additionally, Harsh was a blockchain content writer and researcher at Financial Funda, where he created educational reports on...
READ FULL BIO
Sponsored
Sponsored