The largest crypto exchange in the world will be restricting the trading of privacy tokens in France, Spain, Italy, and Poland, Coin Telegraph reported.
Users from these countries will no longer be able to buy or sell 12 privacy tokens, including Zcash, Monero, and Dash, through the crypto exchange Binance starting on June 26.
A spokesperson for Binance said the crypto exchange must follow local regulations and laws on the trading of privacy tokens if it wants to continue serving “as many users as we can.”
As part of its compliance with local laws and regulations, Binance has contacted users affected to inform them that they will no longer be able to trade in privacy tokens from its platform after the 26th of June.
In an email to its French users, Binance said that due to regulatory requirements in France, it could no longer provide enhanced anonymity crypto assets in several European countries.
According to Investing, the news of Binance’s decision resulted in a rapid decline in the value of most leading privacy tokens.
Governments have already increased monitoring and regulatory controls of the cryptocurrency market, and the additional regulations on privacy tokens will likely cause more issues for the market.
Business Insider reported on Monday that a group in the UK Parliament is calling on the Sunak government to step up the process to introduce regulations on the crypto market and appoint an official to oversee the process.
In a report from the Crypto and Digital Assets All Parliamentary Group, the lawmakers offered 53 recommendations for regulating the crypto market in Great Britain, arguing that cryptocurrency isn’t going anywhere and the government must regulate the market immediately.
Parliament is already debating bills to give lawmakers more power over the crypto market and to grant law enforcement agencies the authority to seize and freeze crypto assets.