1. What are private cryptocurrencies?
There are some privacy-oriented cryptocurrencies, which have several built-in privacy features. These claim to offer enhanced security features or options that help to keep users' identities and activities concealed. However, in some regions, the issuance of private currency may be restricted by law or regulations.
2. Why can’t I trade private cryptocurrencies?
Due to the regulatory requirements of certain local authorities, users that used payment channels to deposit fiat currencies are not allowed to conduct private currency transactions. You will see the below pop-up when you try to place an order:
By offering you deposits via certain bank card payment channels, Binance is obligated to adhere to local regulations. If you wish to proceed, your account will be restricted from buying/selling/trading privacy coins, such as XMR, ZEC, and DASH. Please ensure there are no unfulfilled trades or open positions involving privacy coins in your Spot, Margins, or Futures accounts. All existing privacy coin balances can only be withdrawn from your account.