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Unveiling Binance's Delisting of Privacy Coins: A Closer Look at Compliance Claims

By alberdioni8406 | Barraca Crypto | 2 Jun 2023


I usually don't stay away from the crypto media for too long to stay updated with the latest news, which fuels my blogs. However, yesterday was a busy day for me, and I ended up being offline the whole day dealing with personal matters. To my surprise, that was the day I should have been online because Binance decided to make a move and announced that it will delist privacy coins, including Zcash, in four European countries, citing reasons to comply with local laws.

However, as a diligent investigator, I didn't take this information lightly and didn't let emotions sway me because I understand that privacy is a fundamental human right, and everyone has the right to safeguard their finances. I decided to do some research and find out what these countries mentioned by Binance have in common regarding privacy.

To my surprise, Italy, Poland, France, and Spain have a clear privacy law in common, with a focus on protecting personal information and enhancing privacy for their citizens. These countries have created a set of laws that ensure companies and organizations, such as Binance, act responsibly and securely when dealing with personal information. These companies and organizations must obtain people's permission before collecting personal information and have a duty to keep it secure.

An important aspect of the privacy laws adopted by these countries is that they do not in any way prohibit people from using "technological means" or tools that enhance citizens' privacy. In other words, these countries do not, at any point, forbid individuals from using privacy coins like Zcash, for example.

People are free to reinforce, for instance, the way they store money or configure privacy in their social accounts using message encryption tools as a way to enhance individual privacy.

What's interesting here is that the laws these four countries have in common focus more on consumer protection and how companies and organizations handle citizens' personal information, rather than restricting individuals from reinforcing their own privacy.

Except for special circumstances, such as issues directly related to national security or combating crime, there may be certain restrictions on the use of privacy tools or technological means. However, in general, people are free to use or enhance personal security using all possible privacy measures.

So, what will be Binance's justification for citing reasons to comply with local laws? Something doesn't add up!

These conclusions are not random but are reached after thorough personal research and utilizing available online resources:

1. Official Websites:

- Italy: Garante per la Protezione dei Dati Personali (https://www.garanteprivacy.it/)

- Poland: Urząd Ochrony Danych Osobowych(https://uodo.gov.pl/)

- France: Commission Nationale de l'Informatique et des Libertés (https://www.cnil.fr/)

- Spain: Agencia Española de Protección de Datos(https://www.aepd.es/)

Now, people can claim that Binance exchange is working to comply with the new MiCA - Markets in Cryptoassets Law in Europe , but this law also has parameters that allow for the trading of privacy coins as long as they faithfully follow what the law requires.

The new MiCA Law, approved by the European Parliament, establishes rules to protect consumers and ensure financial stability in Europe, while also allowing for innovation in the use of new financial technologies.

As guidelines, it requires crypto asset issuers to provide detailed information about their activities and the associated risks. Providers of crypto asset-related services, such as exchanges and trading platforms, need to obtain authorization to operate in the European space, complying with certain standards and protecting clients.

Crypto asset exchanges, custodians, and advisors must also obtain a license to provide their services. This helps ensure asset security and investor protection. MiCA also sets transparency and governance requirements for crypto assets, making the market more transparent and accountable.

This latter statement establishes, in my opinion, that privacy coins that can demonstrate transparency in their execution can be traded within the European bloc. Zcash has this possibility, as it can also be used in a transparent manner, providing all the required information on the blockchain.

Therefore, from what I understand and in my own opinion, it seems that Binance has other reasons for delisting privacy coins and may be using compliance claims to satisfy their own interests. We all know that Binance has encountered problems in several countries and has raised red flags. They might be realizing that they could lose their license to operate in certain European countries and, like any savvy player, they attack first before being attacked.

However, these are my speculations based on real facts gathered online, but I invite everyone to comment and share their opinions on the delisting of ZEC and other privacy coins by Binance.

To me, they have fishy motives, and it's not what they really want us to believe.



**All content including images are original created by me and first published on my Zpage Blog on Free2Z.

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alberdioni8406
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* 3 Year Active BCH Influencer * Bitcoin Cash Content Creator * TipMeACoffee👇: bitcoincash:qzntexhvr7eq902wpnvyvd3eslqdt333fcdmh3tjrd "Just focus in What U Believe"


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