BitBay Exchange Eliminates Monero Support Due To Cryptocurrency Private Characteristics
Cryptocurrency exchange BitBay announced on Monday that it will no longer support Monero (XMR) on its platform.
From November 29, users will no longer be able to make deposits in XMR, and trading will be stopped on February 19, 2020. XMR holders on BitBay need to withdraw their cryptocurrency by May 20. Additionally, XMR withdrawals will not be available from November 29 to December 5 due to a planned hard fork..
“Monero (XMR) can selectively use anonymous features to conduct transactions,” the exchange writes. – It was decided to block the possibility of money laundering and the flow of funds from external networks. Monero and other cryptocurrencies with similar capabilities have already been delisted on other crypto-fiat exchanges for the same reason. As a licensed exchange, BitBay must follow market standards. “.
Cryptocurrency exchange OKEx Korea reported the delisting of Monero along with several other anonymous altcoins, explaining that they “violate” the Financial Action Task Force (FATF) requirement to transfer customer data between trading platforms. Subsequently, she changed her mind regarding ZCash and Dash, but Monero remained in the final version of the list..
According to CoinMarketCap, BitBay is currently the 86th largest cryptocurrency exchange in terms of adjusted trading volume, with a daily turnover of $ 23M.
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