BitBay Becomes Latest to Delist Monero Over Regulatory Concerns

Wilfred Michael 

Wilfred Michael

News reporter

26 November 2019,
BitBay Becomes Latest to Delist Monero Over Regulatory Concerns

The future of privacy-focused coins has once been called into question after BitBay, one of the most popular crypto exchanges in Eastern Europe, announced it is delisting Monero (XMR) from its platform.

Estonia-based BitBay revealed the development in a Monday announcement, noting that users will no longer be able to trade Monero (XMR) on its platform starting from February 19, 2020. However, a more immediate effect of the delisting is that users can no longer deposit Monero beginning this week, Friday, Nov. 29.

Further, there would be a temporary withdrawal halt from Nov 29 to Dec. 5 to make room for an upcoming Monero hardfork while all withdrawals must be made before 20, May 2020 according to the announcement.

Writing on the reason why is ending support of Monero, BitBay expressed thoughts similar to other exchanges that made such move in recent times. The exchange specifically noted that the step intends to block “the possibility of money laundering and inflow from external networks," adding:

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.

Unlike Bitcoin and other pseudonymous coins, cryptocurrencies like Monero are specifically designed to obfuscate the identity of the transaction parties, making it near impossible for anyone to trace the source and receiving end as required by the Financial Action Task Force (FATF).

It is the privacy feature that has led to the latest BitBay delisting which follows earlier reported moves by OKEx Korea, and Coinbase UK ending support for another privacy-focused coin, ZCash (ZEC)

Subscribe to our Telegram and Reddit channels to stay up to date on the latest STO and crypto regulations news