Binance Will Delist XMR on 2024-February-20 (monero.town)

submitted 9 months ago* (last edited 9 months ago) by User1@monero.town to c/monero@monero.town

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https://www.binance.com/en/support/announcement/binance-will-delist-ant-multi-vai-xmr-on-2024-02-20-f73b083ba6834771b07dbe5319917ae5

                                            **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).

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[-] Pantherina@feddit.de 13 points 9 months ago* (last edited 9 months ago)

Just a quick heads up what Javascript binance dot us loads.

Aaand binance dot com blocks Tor.

[-] krolden@lemmy.ml 8 points 9 months ago

Lol fuck them

[-] stealths@monero.town 7 points 9 months ago* (last edited 9 months ago)

This is the moment of truth for Monero. I hope it's going to be fine after all these price manipulations.

[-] dragonsidedd@sciencemastodon.com 12 points 9 months ago

@stealths @User1 I don’t think any of us running nodes are going to stop because of what any particular corporation decides. We’re not running nodes to earn money.

[-] stealths@monero.town 2 points 9 months ago

Of course, but from perspective of regular user, regardless of the amazing technology behind, huge price changes are always scary. This is why I think it's an important milestone in Monero history and hopefully this will make it only stronger.

[-] dragonsidedd@sciencemastodon.com 5 points 9 months ago

@stealths I think Monero is the best available Internet Currency.

Speculating on currency is way, way outside my specialization and is not of personal interest.

As a software engineer, designing and deploying a currency that is conformant with the design principles of the Internet... is exactly my specialization and interest.

[-] VolunTerry@monero.town 1 points 9 months ago

Great take. Love it. Long live Monero.

[-] blake@monero.town 7 points 9 months ago

welp

have we hit the local bottom?

long term, this is good for xmr, when binance inevitably gets torpedoed

looking at the stats, binance is about 34% of the exchange volume - kucoin, mexc, kraken all added together don't make up for it.

don't think many xmr users will want to KYC for some minor exchange.

I would direct people to localmonero for p2p trades, and tradeogre for private exchange.

any other suggestions? is any atomic swap protocol functional yet?

[-] admin@monero.town 11 points 9 months ago* (last edited 9 months ago)

https://serai.exchange will have its first testnet soon. It assume it could become THE place to trade XMR in the future.

[-] tusker@monero.town 3 points 9 months ago* (last edited 9 months ago)

This cannot come soon enough. Really wish we already had this going.

[-] shortwavesurfer@monero.town 2 points 9 months ago

I think eth <> xmr swaps may be running and a few weeks ago someone said they did the first bch <> xmr atomic swap

[-] makeasnek@lemmy.ml 2 points 9 months ago

bisq

[-] OsrsNeedsF2P@lemmy.ml 2 points 9 months ago

Big shame that Bisq v2 doesn't support Monero

[-] shortwavesurfer@monero.town 2 points 9 months ago

Haveno is launching soon. Possibly as early as 2/22 (this Thursday)

[-] nabio@monero.town 6 points 9 months ago* (last edited 9 months ago)

binance is not allowing withdraws?

edit

[-] hfondmanager@monero.town 6 points 9 months ago* (last edited 9 months ago)

If I am correct, Binance entered into short contracts, sold their XMR reserves ~@170, then released the BIG NEWS and now buying XMR back ~@130. This is - of course - a scam. Because they knew in advance when they will release the news and guarantee the drop.

Anyways, these financial acrobatics are short lived, so don't worry.

/EDIT/

In the past four years -3.1 standard deviations (FTX debacle) was the lowest value of the daily probability distribution for XMR. This time it is -4 stds, an order of magnitude lower.

Heuristics reveal that the delisting in itself (which was expected) is not a sufficient explanation for the magnitude of the panic. Given the track record, analysis and parallels to past financial attacks, a short wave based on a shark mentality of many players is likely.

[-] OsrsNeedsF2P@lemmy.ml 2 points 9 months ago

Do you have any proof whatsoever they shorted Monero?

[-] tusker@monero.town 2 points 9 months ago

This may be permanent, and I hope it is. 😆

[-] shortwavesurfer@monero.town 5 points 9 months ago* (last edited 9 months ago)

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.

[-] reactive_recall@lemmy.ml 1 points 9 months ago

Hi! I just want to learn why is it a good thing on the long run?

[-] shortwavesurfer@monero.town 6 points 9 months ago

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.

[-] VolunTerry@monero.town 2 points 9 months ago* (last edited 9 months ago)

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.

[-] tusker@monero.town 4 points 9 months ago* (last edited 9 months ago)

Just purchased much XMR 😀

edit: purchased some more....

[-] hfondmanager@monero.town 3 points 9 months ago* (last edited 9 months ago)

For a short run down on Short selling attacks (like this one) you might be interested in https://monero.town/comment/3264836 (doesn't link to the correct comment, is this a bug? anyway.)

This is ~ 4 standard deviations BTW. I'd wait for a W on the dayly before buying the dip.

[-] prancing389@monero.town 3 points 9 months ago

May want to hold off on buying, price continues to fall...

[-] jet@hackertalks.com 3 points 9 months ago

This is big news for xmr offramping. Rough

[-] mister_monster@monero.town 7 points 9 months ago

It's not that rough. This is a sell the news event. Panic selling is happening. But many of us believe and have seen evidence supporting the case that, due to Monero's opaque blockchain, exchanges are trading monero that don't exist and so are suppressing the price, counterfeitting monero if you will. Many of us think that as these delistings occur, because monero has real demand as currency on many online marketplaces, liquidity shouldn't shrink that much and prices will begin to rise. We expect a supply, not demand, crunch due to this. Other currencies won't fare as well because a majority of their liquidity is on exchanges and not marketplaces. Monero is actually used, and people will keep using it, and if they can't get it from binance they'll have to get it somewhere, and the harder it is to get it the more they'll pay for it.

[-] jet@hackertalks.com 4 points 9 months ago

Just from a personal perspective losing binance makes it harder for me to get other people to adopt xmr payments. I see what your saying about the strength of the ecosystem.

[-] XmrLovingAncap@monero.town 9 points 9 months ago

Are you aware of Localmonero? Also with services like Allark, Coincards, ShopInBit, ProxyStore, Monezon and AnonShop I don't really see a big problem of converting your XMR into fiat or products you need :)

[-] jet@hackertalks.com 3 points 9 months ago

For me, yes, it's fine.

Convincing a service provider to accept XMR is going ot be harder, before you just had to point them at binance and they could get money out fairly directly to pay their bills etc.