Monero Delisted On BitBay Exchange Following Money Laundering Concerns

BitBay is set to start delisting the privacy-based cryptocurrency Monero due to concerns over money laundering.

The platform announced the move to shun XMR earlier this week on November 25th, noting that the delisting will be taking place in February next year. 

The platform explained its decision saying “Monero (XMR) can selectively utilize anonymity features among projects. This feature of XMR is a subject to end of transaction support. The decision was made to block the possibility of money laundering and inflow from external networks.”

Yesterday, BitBay stopped accepting the XMR deposits. But because of the upcoming Monero blockchain fork, XMR withdrawals are not going to be available up to the 5th of December.

BitBay will end trading support on February 19th 2020, after which it will cancel all buy and sell orders. The platform has asked that all Monero holders withdraw their XMR by May 20, 2020.

As per CoinTelegraph:

“Poland-based BitBay is the 90th largest cryptocurrency exchange by 24-hour trade volume, according to data from Coin360. At press time the exchange has a daily trade volume of just over $20.7 million.”

Understandably, BitBay said that as a regulated platform, it must follow the rules of market standards regarding the protection of its customer base. With this, it said Monero and other privacy coins had already been struck from the record of several cryptocurrency platforms, and its likely more delistings are set to kick in…

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!