Monero’s price plummeted after Binance announced it would delist the privacy-focused cryptocurrency.
Monero fell below US$120 Tuesday since the delisting announcement for the first time since November 2022, CoinGecko data shows.
Binance, the world’s largest cryptocurrency exchange, said it would also be delisting Aragon, Multichain, and Vai from its platform. Monero and the three tokens will not be available for Binance users from Feb. 20.
Last month, Binance said it extended “monitoring tags” for selected tokens including Monero. Binance adds a “monitoring tag” to tokens it views exhibit “high volatility and risks.”
Monero, known for its strong privacy features that obscure transaction details, has been under scrutiny by regulators who fear it could be used for illicit activities.
In December last year, OKX, another major cryptocurrency exchange, also delisted Monero along with other privacy-focused tokens from its platform.