Binance To Disable Privacy Coins DASH, XMR, ZEC In France

Also Read: Court Rules in Favor of IRS in Coinbase Documents Seizure Case

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Binance Says No To Privacy Coins In France

The new restrictions on privacy coins adds to the growing concerns of the Crypto Market in terms of regulatory scrutiny. In the form of the U.S. Securities and Exchange Commission (SEC), the crypto industry participants are facing the biggest stumbling block in the most important financial market, the United States.

The email from Binance said,

“From June 26, 2023, users residing in France will no longer be able to buy or sell the following Enhanced Anonymity (“EAC”) crypto-assets on our platform:

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DCR, DASH, ZEC, ZEN, PIVX, NAV, SCRT, XVG, FIRO, BEAM, XMR, MOB”

With these restrictions, France joins Dubai’s Virtual Asset Regulatory Authority (VARA) in acting against the trading of privacy coins. Meanwhile, it remains to be seen how these coins would fare in the next few weeks ahead of the Binance restrictions deadline on June 26. Privacy coins come across as a category of cryptocurrencies that offer privacy and anonymity. However, these coins face criticism over the potential risk of misuse for illegal activities like money laundering. Read More to know about privacy coins

On Wednesday, Zcash price took a 24 hour drop of 3% while Monero price took a drop of over 2%.

Also Read: Terra Classic Dev L1TF Unveils Edward Kim AI Chain “Block Entropy”, LUNC Price To $1

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