BitBay to Terminate Monero Trading Support Next Year

Crypto Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term BitBay on Monday announced its decision to end trading support with Monero (XMR), a privacy-focused digital currency.

Though the trading support will end on February 19 next year, the platform will stop accepting deposits in XMR on November 29.

“We are announcing that the end of market trading support for Monero (XMR) will take place on 19.02.2020. At the end of transaction support, XMR orders (buy/sell) requested before the end of the transaction will be canceled,” the exchange stated.

The exchange detailed that the decision was fueled by the anonymous nature of the digital currency, which raises concerns for illegal activities like money laundering and terror financing.

“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,” the exchange stated.

Exchanges' concern over privacy coins

In September, OKEx and UpBit delisted Monero along with other prominent Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term, including Dash amid concerns of illegal activities using them.

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

Alongside the privacy features, Monero is also favorite among crypto jackers because of its design to mine using the CPU-centric computing power in a computing device. Hackers are adopting many tactics to hijack computers and mine the digital currency stealing their computing power.

Meanwhile, last month, BitBay transferred its operational rights to Pinewood Estonia OÜ, which gained two licenses from the Estonian regulator for operating crypto exchanges. It also changed its payment provider last month for services with PLN amid backlash with its previous partner.

“As a licensed 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 added.