Bitbay Exchange Drops Monero (XMR) Trading to Avoid Money Laundering

The European crypto exchange Bitbay, announced it would drop trading Monero (XMR) to block the possibility of money laundering and external network inflows. Bitbay Exchange Drops Monero (XMR) Trading to Avoid Money Laundering.

The firm said that they would not support Monero trading from February 19, 2020 onwards. Monero orders (buy/sell) requested prior to the end of the transaction were cancelled at the end of the transaction support.

According to the company release, the exchange stopped accepting XMR deposits from November 29, 2019, and the deadline for all Monero holders to make their withdrawals is May 20 this year.

Important timeline for Monero holders:

29.11.2019 – End of XMR deposit support and withdrawal of XMR during the XMR network.

19.02.2020 – End of XMR support trading and cancellation of orders.

20.05.2020 – Deadline for XMR withdrawals.

The exchange also clarified that:

In addition, due to the XMR network fork taking place on 30.11.2019, XMR withdrawals will be blocked from 29.11.2019 to around 5.12.2019.”

Bitbay stated that the decision was prompted by a digital currency feature that could selectively use anonymity elements, which could lead to money laundering.

XMR, ZEC, Haven [XHV], BitTube and Dash (DASH), have already been delisted from many exchanges due to such features. Most exchanges are under pressure to follow the protocol to list and delist certain cryptocurrencies. According to reports, most countries may follow the rules and guidelines laid down by the FATF by June 2020.

BitBay said:

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.”

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