- The regulations in the crypto space are affecting privacy coins
- Monero (XMR), Zcash, Dash, and other privacy coins are being delisted due to regulatory concerns
- There is still hope for privacy coins, according some crypto buffs
Cryptocurrency News Today – So far this year, there has been a considerable increase in regulations in the digital currency space. Subsequently, digital currency trading platforms have been under pressure to conform to these regulations. However, this development is not favorable to privacy-focused digital currencies such as Zcash, Monero, and Dash.
These privacy coins are getting delisted from more and more trading platforms as these exchanges are trying to comply with regulations. If they continue to get delisted, the coins are likely to end up losing their value and liquidity.
Monero (XMR) Price Today – XMR / USD
BitBay Announces the Delisting of Monero (XMR)
Recently, BitBay – a digital currency trading platform operating in the Easter Europe – announced that it would soon delist Monero (XMR). The trading platform will stop trading support for the privacy coin on February 19 next year. The platform will block Monero (XMR) deposits on November 29, 2019, which is today. Monero hard fork is just by the corner. As a result, the trading platform will stop the withdrawals of XMR from November 29 to December 5 this year. The deadline for users to withdraw all their XMR holdings is May 20, 2020.
The reason for XMR withdrawal support is that the digital currency ‘can selectively use anonymous features among projects.’ By so doing, the trading platform wants to block any attempts of money laundering from external networks. In a post, BitBay said:
“As a licensed exchange, BitBay has to follow the market standards, Compliance with market standards and regulations allow 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 operations.”
OKEx Reviews Its Decision to Delist Monero (XMR) and Dash (DASH)
Monero has not been delisted from trading platforms in the past due to regulatory concerns. Recently, OKEx made an announcement that it would be delisting Monero (XMR), Zcash (ZEC), Dash (DASH), and two other privacy coins from its platform. Nevertheless, according to the latest reports, the trading platform is reviewing its decision to delist Dash and XMR.
Upbit – a South Korean-based exchange – has also delisted Monero (XMR), Zcash (ZEC), Dash (DASH), and three other coins. About three months ago, Coinbase UK announced that it would be delisting Zcash. Earlier, CEX.io said it was going to delist Zcash and Monero due to regulatory pressure.
Nevertheless, not all hope is lost for privacy digital currencies. Many crypto enthusiasts still believe that privacy digital currency will emerge victorious from this difficult phase.