Binance, the world's largest crypto exchange, is set to convert Monero balances to USDC. The process starts September 2. It's part of their plan to delist the privacy coin. The exchange dropped this bombshell in a blog post on August 12. They'll be converting 15 tokens in total, including XMR. The conversion will wrap up by March 1, 2025. Binance isn't rushing this. They're taking their sweet time. The conversion rate? It'll be based on the average exchange rate over six months. XMR isn't the only casualty. Other tokens getting the chop include Bitcoin Gold and MobileCoin. Users can still withdraw these assets until September 1, 2024. Surprisingly, Monero seems unfazed. It's trading at $149.38, down a mere 0.2% since yesterday. Talk about resilience. But not everyone's happy. Mykola Siusko, a Web3Privacy Now contributor, isn't mincing words. He told Decrypt, "Binance is widening the gap between original decentralization ethos and regulated surveillance capitalism." Siusko didn't stop there. He added, "Basically, they are proving to be a part of surveillance apparatus." Ouch. Privacy coins like Monero are a hot potato. They're designed to keep transactions under wraps. Advocates love 'em. Critics? Not so much. These coins use fancy tech to hide transaction details. It's like digital cash on steroids. Popular ones include Zcash and Dash. But they're not without issues. Regulators are giving them the side-eye. Some exchanges are showing them the door. Yet, they're still gaining traction among privacy buffs.

British law enforcement has sold Monero tokens obtained from a convicted dark web drug dealer. The sale marks a first for UK authorities dealing with this privacy-focused cryptocurrency. Jack Edward Finney, 28, transferred £15,000 worth of Monero to avoid extra jail time. He was already serving 28 months for selling dangerous weight loss pills online. The Cheshire Cyber Crime Unit nabbed the crypto. Det Sgt David MacFarlane said it was tricky. "This posed several challenges due to the particular type of cryptocurrency," he explained. Monero's a big deal in the privacy coin world. It hides user addresses and transactions. That's why it's popular for folks who want to keep their activities on the down-low – legit or not. Finney used Monero while peddling various drugs on the dark web. His main trouble came from selling 2,4-Dinitrophenol (DNP), a risky slimming drug. DNP's no joke. It's caused 33 deaths in the UK. The BBC reports it revs up metabolism, but even a few pills can be lethal. Finney had to cough up £23,000 total or face more time behind bars. He sold his Suzuki Vitara to make up the difference. The Monero sale happened through an unnamed "cryptocurrency trading platform". It took nearly three years to sort out after Finney's sentencing. This case highlights new powers given to British police in April. They can now seize and even "destroy" crypto assets if needed. Adrian Foster, Chief Crown Prosecutor, didn't mince words: "This shows that criminals cannot hide their money in any cryptocurrencies in the hope it will be safe from the authorities." But here's the kicker: tracking future Monero transactions is still a tough nut to crack. Unlike most blockchains, you can't see the money moving on Monero's network.