Monero Delisting: Crypto Exchanges That Kick Out XMR Are Called Ignorant
You may be aware of the fact that since Silk Road cracked, the perception of cryptos has changed for the better, but on the other hand, the vision on privacy-focused digital assets is not too different compared to BTC and ETH.
This wariness has reportedly impacted the growth of fungible cryptos such as Monero as more and more centralized exchanges have started to delist the coins from their platforms.
BitBay and OKEx delist XMR
The latest move came from BitBay, which delisted Monero.
Not too long ago, we reported that the crypto exchange revealed that Monero would no longer be tradable starting February 19, 2020.
All users must withdraw any remaining XMR by 20 May 2020, according to the notice.
BitBay said the privacy-oriented coin s being delisted due to its privacy features.
“The decision was made to block the possibility of money laundering and inflow from external networks,” the company stated.
Before this, OKEx also announced that it would delist the privacy coins, including Monero as well, Dash and Zcash.
Analyzing the delisting of privacy coins
AMBCrypto noted that this was one of the topics that have been discussed during the latest session of the Monero Talk.
Douglas Tuman, the show’s host, asked whether exchanges that are delisting the coin are doing it for privacy reasons or something else such as the frequent upgrades of XMR.
To this, Justin Ehrenhofer, a regulatory compliance analyst at DV Trading, stated that that the upgrades required “were quite minor” compared to all the other tasks they do.
According to him, the issue was “mostly a compliance perception,” further stating that exchanges are concerned about being on the “right side of compliance.”
He continued and said: “So, Monero is sort of the main target. So, we’re just going to ignore that for now and that might still be the case. I would call a perception issue in the industry, rather than a significant clear rule-based compliance issue.”
So, the conclusion is that exchanges are delisting Monero out of massive ignorance.
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Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.