BitBay, One of the leading cryptocurrency exchanges in Eastern Europe, will delist the confidential monero cryptocurrency to meet international anti-money laundering standards.
BitBay has announced that Monero (XMR) will not be traded on the platform from February 19, 2020. At the same time, deposits in XMR will no longer be accepted from November 29, and withdrawals will be blocked until The planned monero hard fork on December 5. According to the notification, users must withdraw their XMR from the site by may 20, 2020.
As the exchange noted, the reason for delisting Monero was the privacy of the coin. The cryptocurrency uses ring signature technology that shuffles small groups of transactions to hide the identity of the participants in the transaction. The exchange reported:
“It was decided to exclude the possibility of money laundering and the inflow of funds from external networks. As a licensed exchange, BitBay must adhere to market standards that allow us to ensure the legal security of our clients and the convenience of using the exchange with the participation of the banking system and the availability of payment operators.”
Cryptocurrency platforms are increasingly delisting anonymous cryptocurrencies due to regulatory pressure. Recall that in September, the OKEx Korea exchange announced that it will delist five confidential cryptocurrencies-XMR, DASH, ZEC, ZEN and SBTC – as they do not meet the recommendations issued by the FATF.