BitBay cryptocurrency exchange announced the termination of support for the Monero cryptocurrency. The platform explained the decision by the need to comply with “market standards” and the fight against money laundering.
📌 We are announcing that the end of market #trading support for #Monero (XMR) will take place on 19.02.2020. We encourage you to read the timeline for end of the transaction support⁰ of #XMR and the reason for its termination on #BitBay. ⤵⤵⤵//t.co/PsNYkCqrt8 pic.twitter.com/MLV8IXZJzz
— BitBay (@BitBay) 25 ноября 2019 г.
The exchange will stop the acceptance of deposits in XMR on November 29, trading operations will be stopped on February 19, 2020. In addition, due to the Monero network hard fork planned for November 30, the withdrawal of XMR will not be possible from November 29 to December 5.
Users are asked to finally withdraw funds by May 20 of next year.
BitBay called Monero’s anonymity orientation as the main reason for delisting :
“The decision was made to block the possibility of money laundering and inflow from external networks. Monero (and other cryptocurrencies with this specification) has been already delisted on other fiat-crypto exchanges for the same reason. As a licensed exchange, BitBay has to follow the market standards.”