BitBay drops Monero out of its listings due to AML compliance; Users advised to withdraw XML by March 2020

Publish Alliance 2019-11-27

BitBay will be delisting Monero out of its listing due to concerns over money laundering activities, with support and trading halted by February next year.

Another crypto exchange is dropping Monero (XML) out of its listings due to anti-money laundering concerns. BitBay said in a blog posting that it will delist the cryptocurrency on Feb. 19, 2020, and stop accepting XML deposits on Nov. 29.

BitBay users who have XML on their accounts are advised to withdraw the cryptocurrency by March 20, 2020, at the latest. It’s worth noting that XMR withdrawal will be halted on Nov. 29 to Dec. 5 due to the planned monero hard fork slated to occur during that time.

The Poland-based crypto exchange said that their decision is rooted in the privacy features that are present in monero. The cryptocurrency is using a digital signature called a ring signature that hides the identity of users and transaction value, a feature that can be utilized by illicit actors to move funds anonymously.

BitBay explains the decision

This feature is also the reason why OKEx Korea has delisted monero, a fact that’s been mentioned by BitBay in the blog posting.

“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 wrote.

Monero’s reputation taking more hits

Monero being removed from crypto exchanges stems from the pressure coming from the Financial Action Task Force (FATF). Regulatory bodies have been deeply analyzing the crypto market and are trying to put a stop to the growing money laundering trend in the nascent industry. Since monero is one of the most favored digital currency by criminals, exchanges are erring on the side of caution lest they run afoul with the law.

One of the events that smeared Monero’s reputation was when Norwegian authorities reported the kidnapping of a wealthy businessman earlier this year. The wife of the victim told authorities that the kidnappers asked to be paid in cryptocurrency, with the local press reporting that they demanded monero as a form of payment, Reuters reported.

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