The popular crypto exchange BitBay has recently made a decision to delist Monero (XMR) because of money laundering concerns. The privacy-centric coin has been in the cryptonews for some time now.
In the latest episode, we can see that the exchange made its decision this month and announced it on November 25. They also noted that the delisting will take place on February 19, 2020.
“Monero (XMR) can selectively utilize anonymity features among projects. This feature of XMR is a subject to end of transaction support. The decision was made to block the possibility of money laundering and inflow from external networks,” the crypto exchange BitBay officially stated.
On November 29, the exchange will stop accepting XMR deposits and due to the upcoming Monero (XMR) blockchain form, XMR withdrawals won’t be possible from the same date to December 5. As BitBay revealed in the Monero news, the exchange is ending trading support on February 19 after which it will also cancel all buy and sell orders for XMR. The exchange noted that all Monero (XMR) holders must withdraw their XMR by May 20, 2020.
Known as one of the most successful exchanges from Poland, the crypto exchange BitBay is the 90th largest by cryptocurrency exchange volume, according to data. At press time, it has a daily trade volume of around $20 million.
Officials from the crypto exchange BitBay were also in the news for explaining the decision that the officials made. They said that as a regulated exchange, BitBay must follow market standards and regulations regarding consumer protection as well as reporting practices. This is why Monero (XMR) and other privacy coins have already been delisted from many crypto exchanges.
As we can see from the latest news and rumors, the overall climate in the cryptocurrency industry is now unfriendly towards privacy-centric projects. Before BitBay, we could see that in September 2019 the major exchange OKEx delisted a slew of privacy-oriented coins too which included the names of Monero (XMR), Dash (DASH), Zcash (ZEC), Horizen (ZEN) and Super Bitcoin (SBTC).
In parallel to this, the German Federal Ministry of Finance also took privacy coins as the subject in a panel and expressed the concerns around the rising use of these tokens due to their association with criminal activities.
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