Binance to close access to private coins in Belgium
Binance to close access to private coins in Belgium
Cryptocurrency exchange Binance is preparing to delist some private coins in Belgium following the suspension of token trading in France, Italy, Poland, and Spain.
As of September 21, users of the platform in Belgium will no longer be able to buy and trade certain private coins, including Monero (XMR), MobileCoin (MOB), Firo (Firo), and Horizen (ZEN). However, users who own these altcoins will be able to withdraw, sell, or close positions on Binance.
Binance attributed its decision to the fact that exchanges must comply with European Union regulations that require full transaction tracking for cryptocurrencies listed on their platforms, and the aforementioned privacy coins do not support this, according to the BitcoinSistemi website.
"While we aim to support as many quality projects as possible, we must comply with local laws and regulations regarding the trading of privacy coins," a Binance spokesperson said via email in response to questions about the publication, which showed a message sent to Belgian users from the exchange's client service department.
It should be noted that Binance provides services to its Belgian users through its Polish division, which operates under local law.
Binance intends to delist confidential coins on all markets where they are banned, a Binance spokesperson said.
Such actions by the exchange show its commitment to comply with regulatory obligations in all countries where it provides services.
Read also: Coinbase announced new rules for Singapore users.
