Monero (XMR) is one of the most distinctive cryptocurrencies in the market, not only for its market value or advanced technology but also due to its strong focus on privacy and anonymity, which has made it a focal point for users... and regulators alike.

However, recently, Binance has stopped the ability to deposit and withdraw XMR directly in several regions, raising questions about safe and possible trading methods for this currency within the cryptocurrency ecosystem.

Why did Binance stop supporting direct XMR deposits?

Binance is under regulatory pressure in several countries, requiring it to implement anti-money laundering and counter-terrorism financing rules. Given that Monero uses advanced technologies to obscure transaction details such as:

The addresses sent and received,

Transaction value,

User identities,

Direct deposit and withdrawal operations have been suspended in some areas. However, trading XMR on the platform is still possible through indirect methods.

How can XMR be traded on Binance despite the deposit ban?

Despite the direct deposit suspension, you can still trade Monero through the following methods:

1. Internal trading if you already have XMR balance:

If you have an XMR balance in your Binance account from before, you can sell or trade it for currencies like USDT or BTC, as long as the trading pairs have not been removed.

2. Use Alpha Binance as a deposit intermediary:

Fortunately, there is a service known as Alpha Binance, which is an unofficial and alternative gateway that allows users to:

Deposit XMR from an external wallet.

Convert it to USDT or others.

Then send the balance to your Binance account.

This method is a practical solution for those who do not want to leave the Binance system.

3. Use alternative platforms for conversion:

You can send XMR to a platform like KuCoin or Kraken, then convert it to a stablecoin (like USDT) and send it to Binance to continue trading.

Is mining XMR still profitable?

Yes, and it is considered one of the most prominent features of Monero.

Unlike many cryptocurrencies that require expensive ASIC devices, XMR can be mined using regular computers with a processor (CPU) or graphics card (GPU).

This gives individuals a real opportunity to participate in the mining process without needing a huge capital.

Also, mining XMR features relatively lower energy consumption, making it ideal in countries with low electricity costs.

Additionally, XMR's RandomX algorithm ensures continued decentralization and prevents monopolization by large miners.

Why is Monero an important currency?

Absolute privacy: Transactions cannot be tracked or monitored.

Security: Its network is well-secured and resistant to attacks.

True decentralization: It is not subject to any central authority or controlling entities.

Increasing demand: The need for cryptocurrencies that ensure privacy is growing amid expanding financial surveillance.