Another Crypto Exchange is Dropping Privacy Coin Monero Over Compliance Risk

Publicado en by Coindesk | Publicado en

One of the top digital asset exchanges in Eastern Europe is to delist the privacy-focused monero cryptocurrency to align with international anti-money-laundering standards.

Estonia-based BitBay announced Monday that monero will no longer be tradeable from Feb. 19, 2020.

The crypto exchange is to cease deposits of XML as of this Friday, Nov. 29, and will block withdrawals temporarily from Friday to Dec. 5 around the time of a planned monero hard fork.

Explaining the move, BitBay said monero is being delisted due to its privacy features.

"The decision was made to block the possibility of money laundering and inflow from external networks," the firm said, adding that other crypto exchanges have dropped monero over the same concern.

"As a licenced exchange, BitBay has to follow the market standards. Compliance with market standards and regulations allows us to provide our clients with legal security and convenience of using the exchange, with the participation of a friendly banking system and the availability of payment operators," BitBay said.

As mentioned, monero's privacy protections have led to other trading platforms halting support in recent months.

Other privacy coins have been seen as too risky by some exchanges too.

The information contained herein is not intended to provide, and it does not provide, sufficient information to form the basis for an investment decision, and you should not rely on this information for that purpose.

You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.

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