One of the top cryptocurrency exchanges in Eastern Europe is to delist the privacy-focused monero digital currency to keep up with worldwide anti-money-laundering standards.
Estonia-based BitBay revealed on November 25 that monero (XML) will not be available for trading from February 19, 2020. However, the cryptocurrency exchange is to stop deposits of XML as of this Friday, November 29, and will halt withdrawals temporarily from Friday to December 5 around the time of a scheduled monero hard fork.
All clients must withdraw any remaining XML by 20 May, 2020, as indicated by the notice.
Clarifying the move, BitBay stated monero is being delisted because of its privacy features. The digital currency utilizes tech dubbed ring signatures that clutter up small groups of exchanges to muddle people’s identities.
“The decision was made to block the possibility of money laundering and inflow from external networks,” the company stated, including that other cryptocurrency exchanges have dropped monero over a similar concern.
“As a licensed 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 stated.
As mentioned, monero’s privacy protections have prompted other trading platforms shutting down support as of late. For instance, OKEx Korea dropped XML, just as horizen (ZEN), and super bitcoin (SBTC), in October. It stated at the time it was contemplating on a decision to delist zcash and dash also.
Other privacy coins have been viewed as too risky by some exchanges as well. Coinbase dropped zcash from its U.K. platform in August. The move was likely a compliance push identified with building new banking relationship in the wake of being dropped by Barclays.
The whirlwind of delistings has grown since worldwide money-laundering regulator, the Financial Action Task Force, published international guidance on digital currencies in July.