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 a 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.
The new restrictions on privacy coins add 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.