Skip to main content

Former Monero Lead Maintainer Calls on Binance to Take a Stance on Privacy Coin Issue

Former Monero Lead Maintainer Calls Binance to Take a Stance on the Privacy Coin Issue

Ricardo Spagni, the former lead maintainer of Monero, one of the most used privacy coins in the cryptocurrency market, has called on Binance to take a stance on the issue of privacy coins. Spagni stated that avoiding taking sides in the process is a disservice to the whole industry and that any protocol-level changes to make Monero compliant are “unnecessary.”

Former Monero Lead Dev Ricardo ‘Fluffypony’ Spagni Calls on Binance to Stand for Privacy Coins

Ricardo “Fluffypony” Spagni, the former lead maintainer of Monero, has called on Binance to change its position on delisting privacy-focused coins. In a recent X post, Spagni criticizes Binance’s stance, which could lead to the delisting of these currencies in January.

Supported by a report produced by consulting firm Perkinscoie, which states that “privacy coins protect legitimate individual and commercial privacy interests and that existing financial regulations sufficiently address the AML issues that privacy coins present,” Spagni blasted Binance’s compliance requirements.

Spagni stated:

By not taking a stance you do the industry a disservice, and support the barrage of attacks against personal privacy. If Apple can take a stance against CSAM, you can grow a backbone and fight for the right to privacy for everyone.

According to reports, one of the requirements that Binance would be asking privacy projects to fulfill is the creation of “exchange only” addresses without privacy shielding features. Firo, another privacy coin, is in the process of implementing these changes.

However, according to Spagni, the Monero community values user privacy over other elements, and any degradation of that goal will never be adopted. He stressed:

Any protocol level changes are unnecessary, but they also simply will never happen.

Binance had announced it would delist 12 privacy coins, including monero and zcash, in some European Union (EU) countries back in May, citing “local regulatory requirements” as the reason behind these actions. However, after receiving feedback from these projects and their communities, the exchange backpedaled, explaining it had reviewed the classification of such currencies to “comply with EU-wide regulatory requirements.”

What do you think of Ricardo Spagni’s statements? Tell us in the comments section below.



from Bitcoin News https://ift.tt/4fjoWux
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more