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Monero: Another Crypto Exchange is Drop Privacy Coin Over Compliance Risk

November 27, 2019 at 3:44 PM | By Jit Sutradhar News

A Northern European digital asset exchange is to delist the privacy-focused monero cryptocurrency to align with the standards of international anti-money laundering.

Based Estonia BitBay Monday announced that monero (XML) will no longer be traded on Feb. 19 2020. However, the crypto exchange is to stop the XML deposits on Friday, November 29, and will block the temporary withdrawal from Friday for a 5 Des around this time planned monero hard fork.

All users have to pull any remaining XML May 20, 2020, according to the notice.

Explaining the move, BitBay said monero being delisted because of privacy features. Cryptocurrency the use of a technology called signature ring which mix small groups of transactions with individual identity blurs.

“The decision was made to block the possibility of money laundering and the inflow of external network,” the company said, adding that other crypto exchange has fallen monero over similar concerns.

“As a licensed exchange, BitBay must follow the standards of the market. Compliance with standards and regulations of the market allows us to provide our clients with legal security and convenience of using the exchange, with the participation of the banking system is friendly and carrier availability payments,” said BitBay.

As mentioned, this monero privacy protection has led to other trading platforms discontinue support in recent months. For example, Korea OKEx down XML, as well as horizen (ZEN) and super bitcoin (SBTC), in October. It said at the time it was reviewing the decision to stop the trade zcash and dash as well.

Other privacy coins have been viewed as too risky by some exchanges as well. Coinbase down zcash of platform U.K. in August. Is likely to boost compliance measures related to establishing a new banking relationship after being dropped by Barclays.

The flurry of delistings have been developed since the global money laundering watchdog, the Financial Action Task Force, released international guidelines on asset crypto in July.

Image via Shutterstock

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