BitBay delists Monero amid money laundering concerns

Monero will be delisted from BitBay in February next year in light of money laundering concerns

Cryptocurrency exchange BitBay has announced that it will no longer support the trading of Monero (XMR) from February 19 2020.

Monero deposits will be shut off on November 29, while holders have been asked to withdraw all their tokens from the exchange by May 20 of next year.

The exchange has cited money laundering and anonymity fears as reasons for its decision to delist Monero, which has a market cap of $895 million.

“Monero (XMR) can selectively utilise anonymity features among projects. The decision was made to block the possibility of money laundering and inflow from external networks,” the statement read.

“Monero (and other cryptocurrencies with this specification) has already been delisted on other fiat-crypto exchanges for the same reason. As a licenced 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.”

BitBay is not the first exchange to delist Monero over compliance concerns. OKEx Korea made a similar decision to delist privacy coins in November, while Coinbase UK decided to drop Zcash in August.

For more news, guides, and cryptocurrency analysis, click here.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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