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