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.

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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%.

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Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Reach out to him at [email protected].

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.