Binance to Block Privacy Coins in Four European Countries

Binance is set to delist privacy coins in France, Italy, Poland and Spain.

The Block online publication said that effective June 26, a measure will be implemented that will affect 12 privacy coins, namely Decred, Dash, Zcash, Horizen, PIVX, Navcoin, Secret, Verge, Firo, Beam, Monero, and MobileCoin.

Cryptocurrencies known as privacy coins are specifically designed to ensure anonymity in transactions. They use advanced technologies, such as zero-knowledge proofs, to obscure transaction details and make it challenging to trace the sender, recipient, and transaction amounts.

The European Union is taking action to address the issue of money laundering related to anonymous cryptocurrency transactions. They are currently reviewing potential regulations that may prohibit the use of privacy coins.

Binance CEO said that there will be a series of positive developments in the crypto industry during the upcoming bull market.

During a recent Bankless interview, Changpeng Zhao, the CEO of Binance, shared his thoughts on what he believes could be the next major development in the world of crypto and blockchain technology.

“If we talk about the internet, we wouldn’t say, ‘What’s the next big thing that would drive internet adoption?’ There are so many different things. There’s video conferencing, social media, Google as an information hive mind, and a lot of other different things going on. In the early days, you may ask, ‘What’s the next thing?’ But I think for crypto and blockchain, it’s beyond one single thing now,” he said.

He continued and said the following:

“In 2017, there were ICOs, which were ERC20 tokens basically. And in 2020 and even 2021, there are multiple things going on.”

He stated the fact that the next one may be multiple things.

“It’s no longer a single thing that drives adoption because the industry is bigger, and there are more players. So we should be looking at what’s the next big NFT (non-fungible token) thing and what’s the next big DeFi (decentralized finance) thing.”