#EUPrivacyCoinBan

In recent years, privacy-focused cryptocurrencies, such as Monero (XMR) and Zcash (ZEC), have faced increasing pressure from regulatory authorities in the European Union. This pressure comes as part of anti-money laundering and counter-terrorism financing efforts, as these currencies pose a challenge to financial transparency due to their technologies that obscure transaction details.

Regulatory Background

In May 2023, Binance, one of the largest cryptocurrency exchanges, announced its intention to remove 12 privacy-focused cryptocurrencies from its platform in France, Italy, Spain, and Poland, in response to local regulatory requirements. These currencies included Monero (XMR), Zcash (ZEC), Dash (DASH), and others.