Crypto exchange BitBay announces to delist Monero

Crypto exchange BitBay announced to stop supporting trading of privacy centered coin Monero. The Coin will be delisted from the platform on 19th February 2020.

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BitBay announced on Monday that the end of market trading support for Monero would take place on 19th February 2020. Europe-based crypto exchange, would end accepting deposits in XMR from 29th November 2019. Withdrawl of XMR will be blocked from 29th November to 5th December 2019. And the deadline to withdraw Monero is 20th May 2020.

 

Monero is delisted to block the possibility of money laundering.

Several exchanges have delisted privacy-centric coins like Monero, Zcash, and Dash. BitBay wrote in its announcement that Monero can selectively utilize anonymity features among projects. The exchanges are delisting these privacy coins to be compliant with regulators. The exchange further notes that they made this decision to block the possibility of money laundering and inflow from external networks.

 

Crypto exchanges continue to delist privacy coins.

Upbit, OKex, and several other exchanges are considering or already have delisted various privacy-centric crypto coins this year. The exchanges began to delist these coins after the FATF issued its guidelines for crypto exchanges. However, several privacy coin developers have claimed that these coins are perfectly capable of complying with FATF guidelines.

Dash developer, Omar Hamwi, earlier wrote in a blog post that Dash network operates with the exact same transaction ruleset as the Bitcoin network as its a fork from Bitcoin code.

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Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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