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Monero Money Laundering Concerns Causes BitbBay to Delist XMR

Monero Money Laundering Concerns Causes BitbBay to Delist XMR

The cryptocurrency exchange BitBay is planning to remove the cryptocurrency Monero (XMR). This comes after various concerns about money laundering via this privacy-focused coin.

26 November 2019 | AtoZMarkets – BitBay announced on Monday that the end of market trading support for Monero would take place on 19th February 2020.

The Estonia-based crypto exchange would not accept XMR deposits as from 29th November 2019. Moreover, the XMR withdrawal will be blocked from 29th November to 5th December 2019. According to the announcement, the deadline to withdraw Monero May 20, 2020.

BitBay will delist Monero to prevent money laundering

Several exchanges have delisted privacy-centric coins like Monero, Zcash, and Dash. BitBay, however, wrote in its announcement that Monero can selectively utilize anonymity features among projects.

The exchanges are delisting these privacy coins to be compliant with regulators. The exchange further notes that they made this decision to block the possibility of money laundering and inflow from external networks.

AtoZMarkets, however, has reached out to BitBay for a comment and will update this story if they reply.

More crypto exchanges continue to delist privacy coins

Upbit, OKex, and several other crypto exchanges are considering or already have delisted various privacy-centric digital coins this year. The exchanges began to delist these coins after the FATF issued its guidelines for crypto exchanges. However, several privacy coin developers have claimed that these coins are perfectly capable of complying with FATF guidelines.

Dash developer, Omar Hamwi, earlier wrote in a blog post that Dash network operates with the exact same transaction ruleset as the Bitcoin network as its a fork from Bitcoin code.

Additionally, Coinbase delisted Zcash from its U.K. platform in August. The move was likely a compliance push related to building a new banking relationship after being dropped by Barclays.

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Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.

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