BitBay plans to drop privacy-oriented Monero (XMR) 2020
|- BitBay will stop accepting deposits in XMR by November 29: Trading to stop on February 19.
- Monero’s anonymous feature is the force behind is delisting on exchanges such as OKEx and UpBit.
Monero (XMR) has been forced to swallow the bitter pill after BitBay cryptocurrency exchange decided to remove its support come 2020. According to the announcement sent out on November 26, trading support will grind to a halt on February 19, 2020. However, the exchange will stop accepting deposits as soon as November 29. The announcement stated:
“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.”
BitBay cited the privacy feature as the reason behind the decision to remove the support. Due to the potential risks of money laundering, transactions using XMR will no longer be allowed on the exchange. The statement explained:
“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.”
Monero continues to suffer for its privacy feature as the exchanges, OKEx and UpBit delisted it in September.
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