Monero (XMR) weathers exchange delistings, embarks on bullish trajectory

In recent months, Monero (XMR), a renowned privacy-focused cryptocurrency, has encountered a series of exchange delistings, yet it continues to defy the odds, charting a resilient path forward.

Despite facing regulatory scrutiny and exclusion from major centralized exchanges, Monero remains steadfast in its mission to provide privacy and security to its users.

Notably, Monero’s price has risen by over 24% over the past month, representing a 39% surge since Binance’s delisting earlier this year.

OKX, Binance, and Kraken have delisted Monero (XMR)

Besides Monero, other privacy-focused tokens Dash, Zcash, and others have had a tumultuous period in the past several months as crypto exchanges move to comply with regulatory requirements.

For Monero (XMR), the trouble started late last year after Binance hinted at delisting the token before retracting the plan.

However, it was OKX that pulled the plug first in December 2023 announcing that it would delist XMR along with other privacy-focused tokens, sending the XMR price plummeting from around $164 to $105 in a month.

As Monero tried to recover from the OKX, listing, Binance revisited its XMR delisting and decided to effect it on February 20 adding to Monero’s bear pressure as holders tried to move their tokens to favorable decentralized exchanges.

Well, Monero price still managed to hold its ground although it was not long before OKX sent the market into disarray again with its announcement to delist Monero in Belgium and Ireland. OKX stated that it “will be delisting Monero (XMR) from the Kraken platform, for clients in Ireland and Belgium, on June 10, 2024.”

However, before the June 10 delisting, OKX also stated that XMR trading and deposits would be halted from May 10 alongside the closing of all open margin positions. Withdrawals of XMR from OKX are currently open but will be halted on June 10, 2024.

The crackdown on privacy-focused cryptocurrencies

The crackdown on privacy-focused cryptocurrencies has intensified in recent years, with regulators across the globe implementing stringent measures to curb their usage.

This trend began in 2018 when Japan took the pioneering step of banning anonymity-enhanced tokens.

Subsequently, South Korea’s financial watchdog followed suit in 2020, initiating a ban on privacy coins from exchanges.

Australian exchanges also started delisting privacy tokens due to regulatory updates, reflecting a broader international effort to enhance transparency and combat illicit activities.

On February 7, 2023, Dubai further solidified this stance by releasing guidelines that prohibit the issuance of anonymity-enhanced tokens and all virtual asset activities related to privacy coins.

The European Union has also moved to prohibit crypto asset service providers (CASPs) from offering accounts to anonymous users or using privacy-focused tokens such as Monero, signaling a tightening of oversight in the EU’s approach to cryptocurrency transactions.

These actions are the primary reasons why major centralized crypto exchange around the world including OKX, Binance, Kraken, and Huobi, delisted privacy-focused digital assets like Monero.

Huobi took the step of delisting Monero on September 19, 2022, as part of its commitment to compliance with global regulations.

Monero price up bit amid the regulatory crackdown

Despite the regulatory headwinds and exchange delistings, Monero’s price has remained relatively resilient, defying expectations and charting a bullish trajectory.

The coin’s recent consistent surge over the past month underscores its robust fundamentals and unwavering community support.

Monero price movement over the past month

While short-term price fluctuations may occur as the bullish trend cools off and in response to further regulatory developments, Monero’s long-term outlook remains positive, driven by its commitment to privacy, security, and decentralization.

Unlike other cryptocurrencies that rely on centralized platforms for liquidity and accessibility, Monero thrives on its decentralized network, where transactions are private, censorship-resistant, and secure.

This inherent resilience has attracted a loyal user base, including privacy-conscious individuals, activists, and investors seeking financial autonomy and confidentiality.

As regulatory pressures mount and centralized exchanges tighten their compliance measures, Monero’s community is exploring decentralized trading solutions as alternatives.

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