Cryptocurrency exchange BitBay <a href="https://bitbay.net/en/news/ending-support-for-moneroxmr-on-19022020">announced</a> on November 25 that it will stop supporting the trading of privacy-focused coin Monero. The Coin will be delisted from the platform on 19th February 2020 according to the announcement.

Moreover, the exchange’s decision is ignited by the privacy-based nature of the cryptocurrency. The exchange explained:
<blockquote>“Monero (XMR) 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.”</blockquote>
<h2>Monero Delisted to Counter Money Laundering</h2>
Notably, Several exchanges have already delisted privacy-focused coins like Monero, Zcash, and Dash. BitBay noted its statement that Monero can selectively utilize anonymity features among projects. Ideally, exchange firms are delisting the privacy-centric coins to ensure compliance with regulators. The exchange noted that they delisted XMR to block the possibility of money laundering and inflow from external networks.
<blockquote>“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.”</blockquote>
Also, before Bitbay, other big exchanges like OKEx Korea withdrew support for Monero [XMR], alongside other coins like Dash, Zcash [ZEC], Horizen [ZEN], and Super Bitcoin [SBTC].  Additionally, the firm’s decision to delist these tokens was taken in compliance with the ‘Travel Rule’ recommended by the Financial Action Task Force [FATF]. The rule demands businesses to identify the parties involved in sending and receiving funds if the transaction value is more than $1,000.

Furthermore,<a href="https://www.cryptoknowmics.com/crypto/upbit-exchange-delists-privacy-coins-over-money-laundry-concerns/"> Upbi</a>t exchange had earlier delisted  Monero [XMR], Dash, Zcash [ZEC], Haven [XHV], BitTube [TUBE], and PIVX. It claimed the reason to be the possibility of money laundering and inflow from external networks.  As per reports, most countries might enforce the rules set by FATF by June 2020. However, it will not be easy for many decentralized blockchains.

Bitbay Crypto Exchange Withdraws Support for Monero (XMR)

Cryptocurrency exchange BitBay announced on November 25 that it will stop supporting trading of privacy focused coin Monero...%

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Bitbay Crypto Exchange Withdraws Support for Monero (XMR)

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