Bittrex will remove privacy coins like Zcash, Dash, and Monero for US customers by January 15, 2021, as we are reading more in the latest cryptocurrency news today.
Bittrex announced a few days ago that its exchange will remove the US markets for three of the biggest privacy coins like Monero, Zcash, and Dash by January 15, 2021. In the post, Bittrex will be giving users 30 days to withdraw their coins:
“After the markets are removed, Bittrex generally seeks to provide users up to 30 days to withdraw any delisted tokens, but in certain instances the withdrawal period may be shortened. Users should withdraw any tokens before the posted withdrawal deadline.”
This is likely the first reaction by a US exchange to FATF. We saw similar actions on delisting privacy coins from South Korea. If true, other US exchanges will follow https://t.co/vSizDJjMC8
— Larry Cermak 🟨 (@lawmaster) January 1, 2021
A reason for the delisting was not announced in the post-Larry Cermak, the Director of Research at The Block, and speculated that this decision was in response to the latest talk of pressure because of the AML regulations recommended by the FATF- Financial Action Task Force. According to Bloomberg all of the virtual asset service providers will have to collect information about their customers and the recipients of the funds and send the data to the receiver’s service provider with transactions.
As FATF recognizes crypto exchanges like VASPs they will be held to the same standards banks and other financial service providers are. Also, these new standards were published on Friday and these are the officialization of FATF’s proposal which was made earlier in February. The controversial rule wasn’t well-received by the crypto industry with many crypto exchanges and wallet providers not being able to collect and send data required by FATF.
In a response to the announcement being shared on Twitter back on Friday, the prices of Monero, Zcash, and Dash dropped by up to 15%. Bittrex will remove these privacy coins and analysts expected to plunge even further. As recently reported, Bittrex is halting XRP trading services according to the announcement and said it will remove XRP as the fourth-largest cryptocurrency, a week after the Securities and Exchange Commission charged Ripple Labs with raising $1.3 billion by selling the coin in an unregistered securities sale. XRP’s market cap dropped by 66% since the SEC announced the charges so right now, XRP crashed by 15.8% in the past 24hours and trades at $0.20. XRP’s market cap dropped by 66% since the charges were imposed so Bittrex decided to stop all trading for XRP because of it.
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