Cryptocurrency exchange BitBay will delist privacy-centric cryptocurrency Monero due to money laundering concerns.
The exchange announced the decision on Nov. 25, noting that the delisting will take place on Feb. 19, 2020.
"Monero 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."
On Nov. 29, the exchange will already stop accepting XMR deposits.
Due to the upcoming Monero blockchain fork, XMR withdrawals will not be possible from Nov. 29 to Dec. 5.
The exchange asked that all Monero holders withdraw their XMR by May 20, 2020.
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.
In September, major cryptocurrency exchange OKEx delisted a slew of privacy-oriented coins including Monero, Dash, Zcash, Horizen and Super Bitcoin.
The exchange said that the coins fell afoul of new guidelines set out by the Financial Action Task Force.
BitBay Crypto Exchange to Delist Monero Due to Money Laundering Concerns
Published on Nov 26, 2019
by Cointele | Published on Coinage
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