Binance is Delisting Privacy Cryptocurrencies in Belgium

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Last Updated on September 7, 2023 by Bitfinsider

Binance announced the suspension of privacy coin trade in Belgium three months after delisting the tokens in other European countries.

“While we aim to support as many quality projects as possible, we are required to follow local laws and regulations regarding the trading of privacy coins,” a Binance spokesperson told The Block via email in response to questions about an online post depicting a message sent from the exchange’s customer service department to Belgian users.

Binance delisted privacy currencies in France, Italy, Poland, and Spain in June. The Belgium move comes after Binance said last week that it will serve Belgian customers through its Poland organisation, and as a result of this relocation, Poland laws now apply to Belgian users as well.

Binance users in Belgium will no longer be able to purchase or trade the four privacy currencies on its platform from September 21.

Privacy coins are a sort of cryptocurrency that uses technology such as zero-knowledge proofs to conceal transaction data and make it difficult to track the sender, receiver, and transaction amounts. The European Union has been actively tackling money laundering risks related with anonymous crypto transactions, and new legislation that could prohibit privacy coins are being considered.

Binance is delisting privacy currencies in “every market that we are required to,” according to a Binance spokeswoman. “We are constantly monitoring our regulatory obligations and will update our products and coin offerings as needed.”

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