BitBay to Delist Monero (XMR), Expresses Concerns and Worries About Money Laundering

    BitBay cryptocurrency exchange will delist and block privacy-centric Monero (XMR) due to its anonymity features.

    The crypto exchange BitBay is going to delist Monero (XMR) because it’s worried about money laundering.

    The announcement has been made on November 25, with the exchange saying the delisting of XMR will happen on February 19, next year. This is how the decision was explained:

    “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.”

    BitBay Will Soon Start Making Changes Regarding XMR

    Starting with November 29, BitBay will no longer accept XMR deposits. As a result of the upcoming XMR blockchain fork, withdrawals will not be possible in the November 29 and December 5 period. The trading support will end on February 19, with buy and sell orders stopping after this date.

    BitBay has asked its XMR holders to make withdrawals in the coin by May 20, next year. Based in Poland, BitBay is the on 90th place on the list of the largest crypto exchanges by the 24-hour trade volume. Its latest daily trade volume was more than $20.7 million.

    Privacy-Centric Cryptos May All Face Problems

    As BitBay explained, the exchange is regulated, so it must abide to some regulations and market standards when it comes to reporting and customer protection. Following this idea, it has noted XMR has already been delisted from other crypto exchanges. Back in September 2019, OKEx has delisted some of the privacy-oriented coins such as XMR, Zcash (ZEC), Super Bitcoin (SBTC), Horizen (ZEN) and Dash (DASH), saying they aren’t in accordance with the Financial Action Task Force’s (FATF) guidelines.

    The crypto space is starting to be less and less friendly with privacy-centric projects like the XMR. Only recently, the German Federal Ministry of Finance has said it’s worried about the privacy tokens and their association with criminal activities.

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    Oana Ularu
    Oana Ularu
    Curious about what’s going on with all the money in the world, Oana is bringing you the latest news in the crypto world. She’s aware of the fact that you need to know everything that’s happening on the financial scene in order to play the cryptocurrency market, so you can count on her to share with you every little detail on what matters.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


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