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According to information from Binance, the world’s largest cryptocurrency exchange, the exchange will disable trading for 12 cryptocurrencies.
Binance Will Act in Compliance with French Laws
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According to information from Binance, the world’s largest cryptocurrency exchange, the exchange sent an email to its users today and specified the coins it will disable trading for.
#Binance will disable trading for these tokens due to local laws in France; $DCR, $DASH, $ZEC, $ZEN, $PIVX, $NAV, $SCRT, $XVG, $FIRO, $BEAM, $XMR
— CO NEWS (@coinotag) May 31, 2023
In an email sent to its users in France, the exchange announced that it will disable trading for privacy category tokens to comply with legal requirements in France.
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The list of tokens in this category that will be disabled are as follows;
DCR, DASH, ZEC, ZEN, PIVX, NAV, SCRT, XVG, FIRO, BEAM, XMR and MOB
Binance, which took this step to comply with French laws, will not allow users residing in France to trade with the above-mentioned tokens.
What Are Privacy Tokens?
Privacy tokens are a concept used in cryptocurrencies or other asset types based on blockchain technology. These tokens are designed to anonymize or increase the privacy of users’ transactions.
Cryptocurrencies generally have the ability to transact openly and transparently. Each transaction is recorded publicly on the blockchain and these records can be seen by everyone. However, some users may want to protect their privacy or prevent their transactions from being monitored. This is where privacy tokens come in.
Privacy tokens offer additional layers and protocols for anonymizing or hiding transactions. These tokens use cryptography and privacy-focused techniques to help users protect their transaction information or identities. For example, cryptocurrencies like Monero can be considered privacy tokens. Monero uses special privacy techniques to anonymize transactions and hides details of transactions, the sender’s identity, or the recipient’s address.
Privacy tokens are designed to provide users with more privacy and anonymity. However, in some countries, regulations or restrictions on these tokens may be considered due to their use in money laundering or illegal activities. Therefore, it is important to consider existing legal regulations and local laws regarding privacy tokens.