Binance said it revised operations to comply with EU standards after carefully considering feedback from the community and several projects.
Binance has decided to reverse its plan to delist several privacy coins in Europe after revising operations to comply with local regulations.
In a comment from the cryptocurrency exchange received on June 26, Binance said:
We are pleased to inform you that $XVG will remain unaffected by @binance's trading restrictions on #privacy coins in certain EU countries.
Verge utilizes a public #blockchain with visible transactions, amounts, and wallet addresses. #vergefam #crypto #ISO20022
— VergeCurrency (XVG) (@vergecurrency) June 22, 2023
The Secret Network also posted an update saying it is among the currencies in which Binance will not delist.
These decisions from Binance come as the EU has been ironing out its standards for digital assets with its new Markets in Crypto-Assets (MiCA) regulations, which were signed into law on May 31.
With clear-cut regulations, EU policymakers aim to make Europe a hub for crypto and digital assets. In July, the European Securities and Markets Authority plans to launch a MiCA consultation process, with the framework for the laws allowing an 18-month timeline to take full effect.
Companies in the industry, such as cryptocurrency payments service provider Ripple, have welcomed the regulatory clarity from MiCA regulations.