Binance to Convert XMR and Privacy Coins Amid Regulatory Pressure

YEREVAN (CoinChapter.com) — Binance announced its plan to remove Monero (XMR) from its platform. Starting September 2, 2024, the exchange will convert Monero and 14

Binance will convert all remaining Monero (XMR) balances to USD Coin (USDC) on September 2, 2024. The funds will be available in users’ wallets on March 1, 2025. Binance announced this news on Friday, adding that the conversion rate will be based on the average exchange rate of Monero between September 2, 2024, and March 1, 2025.

The exchange will also convert the balances of 14 other tokens, including Bitcoin Gold (BTG), MobileCoin (MOB), and Sologenic (SOLO), to USDC.

Monero is a privacy-focused cryptocurrency that has been under regulatory scrutiny in recent months. The delisting of XMR by Binance is likely part of the exchange’s effort to comply with global regulatory standards.

Binance users holding Monero or other affected tokens can withdraw their assets until September 1, 2024. After this date, Binance will convert any remaining balances to USDC.

Binance will also convert several other tokens to USDC, including:

Bitcoin Gold (BTG)

Bitcoin Standard Hashrate Token (BTCST)

Bitshares (BTS)

District0x (DNT)

Groestlcoin (GRS)

Hegic (HEGIC)

MobileCoin (MOB)

Monetha (MTH)

Multichain (MULTI)

Navcoin (NAV)

Sologenic (SOLO)

Spartan Protocol (SPARTA)

Symbol (XYM)

Tribe (TRIBE)

The conversion will be based on the average exchange rate over six months, from September 2, 2024, to March 1, 2025.