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Binance Will Delist XMR on 2024-February-20
(monero.town)
**Binance Will Delist ANT, MULTI, VAI, XMR on 2024-02-20**
This is a general announcement. Products and services referred to here may not be available in your region.
Fellow Binancians,
At Binance, we periodically review each digital asset we list to ensure that it continues to meet the high level of standard we expect. When a coin or token no longer meets this standard, or the industry changes, we conduct a more in-depth review and potentially delist it. We believe this best protects all our users.
Based on our most recent reviews, we have decided to delist and cease trading on all trading pairs for the following token(s) at 2024-02-20 03:00 (UTC):
Aragon (ANT)
Multichain (MULTI)
Vai (VAI)
Monero (XMR)
Please note:
The exact trading pairs being removed are: ANT/BTC, ANT/USDT, MULTI/USDT, USDT/VAI, XMR/BNB, XMR/BTC, XMR/ETH, XMR/USDT
All trade orders will be automatically removed after trading ceases in each respective trading pair.
To view your assets after trading ceases, please ensure you have not selected “Hide Small Balances” in all of your wallets.
Deposits of these token(s) after 2024-02-21 03:00 (UTC) will not be credited to your account.
Withdrawals of these token(s) from Binance will not be supported after 2024-05-20 03:00 (UTC).
This will hurt in the short term for a little bit, but in the long term, this is a very good thing
Edit: OH FUCK YES! i just saw the price and I'm going to pick some up right now.
Hi! I just want to learn why is it a good thing on the long run?
Brcause monero actually has a use as money and places like binance are centralized and have to bow to government goons. By de-listing it, it becomes stronger due to the decentralized nature of the community and ethos.
What shortwavesurfer already replied is great.
Adittionally, many have speculated for a long time that the centralized exchanges do not have the underlying Monero and that the liquidity and supply is synthetic, also known as "paper trading" or the equivalent of IOUs. This is how the traditional finance sector and stock markets operate. By selling the same underlying assets many many times over and creating synthetic or faked representations in traders account hoping all of them will never be called for redemption at the same time. Same goes for bank deposits. It's all fakery.
If this gets exposedori the practice stops, there will be true price discovery in the market and value cannot be manipulated by inflating or deflating the exchange prices artificially.
I'm painting the picture in broad strokes here. You can spend many hours researching the many ways these manipulations are done and their impacts on markets.