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Breaking: Binance To Disable Privacy Coins DASH, XMR, ZEC In France

On Binance, privacy coins including Monero (XMR), Zcash (ZEC) and Dash (DASH) are set to be disabled for trading in France.
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Breaking: Binance To Disable Privacy Coins DASH, XMR, ZEC In France

Crypto Market News: Several privacy coins including Monero (XMR), Zcash (ZEC) and Dash (DASH) are set to be disabled for trading in France by the world’s top crypto exchange Binance. Translation of emails received by users residing in France that the exchange cited “local regulatory requirements” as reason to disable trading of the crypto assets in the country. The emails, received on Wednesday, said the restrictions on the crypto tokens will be effective from June 26, 2023. As a result, the top privacy coins dropped in value immediately.

Also Read: Court Rules in Favor of IRS in Coinbase Documents Seizure Case

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Binance Says No To Privacy Coins In France

The new restrictions on privacy coins adds to the growing concerns of the crypto market in terms of regulatory scrutiny. In the form of the U.S. Securities and Exchange Commission (SEC), the crypto industry participants are facing the biggest stumbling block in the most important financial market, the United States.

The email from Binance said,

“From June 26, 2023, users residing in France will no longer be able to buy or sell the following Enhanced Anonymity (“EAC”) crypto-assets on our platform:

DCR, DASH, ZEC, ZEN, PIVX, NAV, SCRT, XVG, FIRO, BEAM, XMR, MOB”

With these restrictions, France joins Dubai’s Virtual Asset Regulatory Authority (VARA) in acting against the trading of privacy coins. Meanwhile, it remains to be seen how these coins would fare in the next few weeks ahead of the Binance restrictions deadline on June 26. Privacy coins come across as a category of cryptocurrencies that offer privacy and anonymity. However, these coins face criticism over the potential risk of misuse for illegal activities like money laundering. Read More to know about privacy coins

On Wednesday, Zcash price took a 24 hour drop of 3% while Monero price took a drop of over 2%.

Also Read: Terra Classic Dev L1TF Unveils Edward Kim AI Chain “Block Entropy”, LUNC Price To $1

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Anvesh Reddy

Anvesh reports major crypto updates around U.S. regulation and market moving trends. Published over 1400 articles so far on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at anvesh@coingape.com or x.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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