Abra Global joins Bittrex in delisting the trading of privacy cryptocurrencies Monero (XMR), ZCash (ZEC), and Dash (DASH) starting from January 12th. As per the official announcement, the delisting comes due to the regulatory uncertainty surrounding the three privacy coins. Also, Bittrex being the custody partner, Abra had no choice but to delist the digital currencies.
Abra Global to Delist Monero, Zcash, Dash
The announcement also notified that customers who currently own the three privacy coins through Abra’s trading platform are required to withdraw the assets before the given deadline on Jan. 5, 2021. A disclaimer was given that those who don’t withdraw the assets in the specified time might face a risk of losing the assets.
The announcement stated:
“Any Monero(XMR), Zcash(ZEC), or Dash (DASH) that has not been withdrawn or exchanged before 5 pm PST on Jan 5, 2021, Abra will attempt to convert such assets to Bitcoin. Note that such an attempt to convert your assets would be on a best-effort basis, and Abra makes no guarantees or promises that such an attempt will be successful.”
Abra Global is the second major crypto trading platform after Bittrex to announce the suspension of trading involving the three privacy coins.
Since Abra’s announcement of delisting the privacy coins, XMR has found support at $130, ZEC at $58, and DASH at $87, following the three cryptocurrencies showing downwards trends since Bittrex’s original announcement of delisting.
Regulators Hunting Down on Privacy Coins
The Crypto community is speculating that other crypto trading platforms might follow a similar move of delisting the three privacy coins as seen with Abra and Bittrex.
Recently, there has been an increasing surge in coin delisting among crypto exchanges due to stringent regulations towards know-your-customer (KYC) and anti-money laundering (AML) regulations. For instance, in Dec. 2020, the Financial Action Task Force (FATF) announced new anti-money laundering (AML) measures.
Regulators are hunting down privacy cryptocurrencies due to their alleged reputation of being facilitators of criminal activities, due to the anonymity involved.