Cryptocurrency exchange Binance announced on Thursday (4th) that it will add “observation tags” to 10 cryptocurrencies on its platform, including privacy coins such as Monero (XMR), Zcash (ZEC), Horizen (ZEN), and Firo, and warned that these tokens may no longer meet the listing standards of the exchange.
The cryptocurrencies that will be included in the Binance observation tag list are as follows:
Aragon (ANT)
Firo (FIRO)
Keep3rV1 (KP3R)
Mdex (MDX)
MobileCoin (MOB)
Reef (REEF)
Vai (VAI)
Monero (XMR)
Zcash (ZEC)
Horizen (ZEN)
Binance stated in the announcement that users will need to pass corresponding tests every 90 days on Binance spot or leverage platform to obtain trading permission for these tokens marked with observation tags.
In response to this, Reuben Yap, co-founder of Firo, stated in an interview with The Block that Firo has been actively discussing this matter with Binance since September 2023. In order to balance the compliance requirements of exchanges without sacrificing user privacy, the Firo team proposed the implementation of “Exchange Addresses” to the community. It is claimed that by using “Exchange Addresses,” exchanges can prove to regulatory agencies that they can see the historical records of deposit addresses.
Last week, OKX exchange also announced actions on multiple tokens including ANT, XMR, ZEC, and ZEN. According to the announcement, OKX will gradually delist trading pairs of various coins this Thursday and Friday, including ANT-USDC, XMR-BTC, XMR-ETH, XMR-USDT, XMR-USDC, ZEC-BTC, ZEC-USDT, ZEC-USDC, ZEN-BTC, and ZEN-USDT.