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Binance Labs-backed MobileCoin faces delisting from Binance

binance-labs-backed-mobilecoin-faces-delisting-from-binance
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Binance Labs-backed MobileCoin faces delisting from Binance

MobileCoin, having raised $29.7 million in a funding round led by Binance Labs in 2018, is now undergoing delisting from the trading platform.

In a press release on Mar. 20, Binance announced that MobileCoin (MOB), a privacy-focused token, along with two other tokens, DREP (DREP) and pNetwork (PNT), is set to be removed from the exchange “to ensure the best services and protections for our users while continuing to adapt to evolving market dynamics.”

Although Binance did not provide explicit reasons for the delisting, it outlined various factors that influence such decisions, including new regulatory requirements, public communication, and contributions to a “healthy and sustainable crypto ecosystem.” The specific reason for MobileCoin’s delisting remains undisclosed though. The exchange plans to suspend trading pairs involving the mentioned tokens on Apr. 3 at 03:00 UTC.

For Binance, MobileCoin holds significance beyond being just another tradable token. In 2018, Binance Labs, the exchange’s venture arm, led a funding round for MobileCoin, wherein the project secured $29.7 million in exchange for 37.5 million tokens.

At the time, Binance Labs said that MobileCoin “plays a critical role in driving mainstream cryptocurrency adoption,” adding that the MobileCoin team and Binance Labs “share a common vision.” It remains unclear whether Binance or its affiliated entities, still possess MOB tokens.

Binance Labs-backed MobileCoin faces delisting from Binance - 1
MOB price in USD | Source: CoinMarketCap

Following the delisting announcement, MOB faced a price drop of nearly 55% to $0.1491, according to data from CoinMarketCap. Crypto.news reached out to both Binance and MobileCoin for comments on the matter but had not received responses as of the time of publication.

MobileCoin is a privacy-focused token launched in 2017 by Joshua Goldbard, a former engineer at Signal, and led by its CEO, Joshua Goldbard. The project utilizes a combination of encryption techniques to ensure privacy for its users and has support for in-app payments via Signal and Mixin Messenger.