Binance was wrong to boot Monero, ZCash and other privacy coins

The decision highlighted the reality that some business might step over their own feet to ban personal privacy tech– even where it is legal– out of a mix of threat hostility and compliance confusion.Some Monero users have actually long advocated for keeping their tokens off exchanges, highlighting that on-exchange transactions weaken user personal privacy by requiring individual identification data. While these guidelines may seem burdensome, privacy coin users and exchanges listing privacy coins can, in reality, comply.Related: Are we still mad at MetaMask and ConsenSys for snooping on us?Take Zcash. While such approaches ensure privacy coins survival during prolonged durations of restrictions, they may slow the adoption amongst a broader user base who need crypto personal privacy tools for financial security and the workout of their human rights.The crypto industry must prevent developing its variation of “Operation Choke Point,” a practice where the U.S. government prevents banks from doing business with crypto clients due to regulatory pressures. Crypto exchanges need to refrain from banning personal privacy coins when theres no legal commitment to do so, lest they create their own chokepoint.Regulated exchanges manage to comply with U.S. Anti-Money Laundering laws– consisting of Kraken, which lists Monero, as well as Gemini, which not only notes Zcash but permits customers to engage in shielded transactions on the platform.Privacy tools in crypto are simply that– tools. Privacy will become increasingly important in crypto, and Binance and other exchanges will be left behind if they dont take personal privacy coins and personal privacy tools seriously.J.W.

While these policies might appear troublesome, personal privacy coin users and exchanges noting privacy coins can, in reality, comply.Related: Are we still mad at MetaMask and ConsenSys for snooping on us?Take Zcash. While such techniques make sure personal privacy coins survival during prolonged durations of restrictions, they might slow the adoption among a more comprehensive user base who need crypto personal privacy tools for monetary security and the workout of their human rights.The crypto industry need to avoid producing its version of “Operation Choke Point,” a practice where the U.S. government prevents banks from doing business with crypto customers due to regulative pressures. Personal privacy will end up being increasingly important in crypto, and Binance and other exchanges will be left behind if they do not take personal privacy coins and personal privacy tools seriously.J.W.