Monero's XMR and Multichain's MULTI experienced a sharp value drop after Binance, the largest crypto exchange by trading volume, announced their delisting by February 20. On February 6, Binance stated that XMR and MULTI, along with other digital assets like Aragon (ANT) and Vai (VAI), would be removed from several platform products due to failure to meet listing criteria.

Following the announcement, XMR and MULTI's values plummeted by around 20% to $136 and $1.55, respectively, according to CryptoSlate data. Conversely, ANT and VAI saw minor price decreases of less than 1%.

Binance's decision aligns with its previous warnings about potential delistings due to heightened volatility and risks. Market observers speculated that the delisting of Monero, the largest privacy-oriented blockchain network by market capitalization, could be tied to Binance's efforts to comply with evolving regulatory standards. Privacy-focused coins like Monero have drawn regulatory scrutiny over concerns about their misuse in illicit activities, leading other exchanges like OKX to delist them.

Meanwhile, Multichain, a cross-chain protocol known for facilitating asset and NFT bridging, made headlines last year when $126 million in funds disappeared, and its CEO was detained by Chinese authorities. The protocol's team subsequently ceased operations due to maintenance difficulties and user complaints about delayed transactions and locked funds.