Huobi Korea decided to delist Monero from its list of available cryptocurrencies as reports emerged that participants in the Korean-based sexual exploitation ring used this cryptocurrency for criminal acts. Bithumb is also considering delisting the cryptocurrency so let’s find out more in the Monero XMR news below.
The ‘’Nth Room Case’’ is an ongoing criminal investigation in South Korea that involves sexual crimes broadcast in multiple Telegram chartrooms. The South Korean authorities explained this case involves the Monero cryptocurrency since it was used for making private transactions. Huobi Korea delisted Monero because of ‘’low trading volumes and anonymity functions’’ but didn’t reference directly the ‘’Nth room ‘’ case investigation. The Singapore-based exchange didn’t delist the privacy-centric cryptocurrency on the rest of the exchange.
The South Korean newspaper Sisi Journal reported that Bithumb also wants to delist Monero since the exchange has the policy to get rid of cryptocurrencies that are used for criminal acts and that an internal committee is now reviewing whether or not monero falls under this rule. Bithumb is the only major Korean exchange that trades Monero since Upbit delisted the coin in 2019 because of the platform’s anonymity. Such a move could be a major blow to the cryptocurrency and its price.
The exchanges are still making efforts to transition into legitimate financial brokers and they are increasingly cooperating with regulators now. It is not surprising that a lot of them are now less willing to list the coins that enable anonymous transactions. Monero is by far the most popular privacy-centric coin and many of the anti-crypto activists are targeting it because it is mostly used for a range of criminal activities such as tax evasion and money laundering. Some exchanges even delisted it in order to boost their reputation with lawmakers and future customers.
It’s also worth noting that most of the transactions are legal including those made with Monero. The allegations of crypto is only used for criminal activities that have been debunked a long time ago. Delisting the coins with privacy features will not stop them from being used either. The Monero network has even increased in usage over the past few months despite being dropped from several other exchanges.
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