#EUPrivacyCoinBan The European Union has intensified its regulatory approach towards privacy-focused cryptocurrencies, such as Monero (XMR) and Zcash (ZEC), due to concerns about money laundering and terrorist financing. The European Banking Authority has issued guidelines urging cryptocurrency service providers to monitor transactions involving private coins and unhosted wallets, considering them high risk.

In response, Binance announced in May 2023 that it would stop offering these coins in France, Italy, Poland, and Spain starting June 26. However, after receiving feedback from the community and adjusting its operations to comply with the requirements of the Markets in Crypto-Assets Regulation (MiCA), the platform reversed its decision on the same day the MiCA came into effect.

Despite this reversal, some coins, such as BEAM, XMR, MOB, FIRO, and ZEN, remain subject to restrictions in certain EU countries. The MiCA stipulates that cryptocurrency service providers must be able to monitor transactions of listed coins, which could imply the exclusion of coins that offer complete anonymity.

This landscape reflects a balance between protecting user privacy and the need to prevent illicit activities, which could lead to future restrictions or bans on privacy-focused coins.