Another cryptocurrency exchange resigns from trading Monero [Bitbay]

Another cryptocurrency exchange is giving up Monero trading

The anonymity of cryptocurrencies was to be their advantage, but it turns out that its excess can also be a cause for trouble. The Monero cryptocurrency is getting bigger and bigger, which the next exchange does not want to trade. One of the market leaders has just resigned from trading Monero - BitBay.

The message with information about the withdrawal from Monero trading leaves no doubt as to the future of Monero on the BitBay exchange.

The short BitBay message reads:

"We would like to inform you that on February 19.02.2020, 19.02.2020, the service of the Monero (XMR) market on BitBay will be terminated. With the market close of XMR on 29.11.2019/XNUMX/XNUMX, buy and sell bids will be canceled. On November XNUMX, XNUMX, we will stop accepting deposits in XMR. "

This means not only the discontinuation of the Monero market next year, but also the inability to deposit funds in this cryptocurrency later this week. However, all customers will be able to withdraw their deposits until May 2020. The stock market ensures that the resignation will be a smooth process and no one should be left "on ice" with a currency that is impossible to withdraw or sell. Hence the long period for the payment of deposits and the planned information campaign, which, on the one hand, will be aimed at providing information about the end of Monero trading and the gradual withdrawal of funds, and on the other hand, the belief that this is not a threat to the stock exchange, and above all to the wallets of its users.

Be sure to read: Review: Bitbay PRO transaction platform

If you don't know what's going on, it's about… anonymity

The reason for Monero's troubles is what was supposed to be the distinguishing feature of cryptocurrencies, i.e. a new approach to transparency. In the case of Monero, however, the anonymity of the transaction is so great that even the most liberal market players give up. Because they have a lot to lose, because the cryptocurrency can be used to finance terrorism or money laundering, and if you prove no reaction to such suspicions, the stock market will not only lose its image, but in fact it may even cease to exist.

Monero was previously removed from the trading of other entities. Both the UpBit cryptocurrency exchange and OKex cited the same reasons as BitBay. They were afraid of being used for illegal activities and money laundering on a large scale.

What Monero is and how it works

Monero is private coin. This is a group of cryptocurrencies that provides users with the greatest privacy. It also includes Dash, Bytecoin or Zcash. What is this about? In a nutshell: all addresses of persons making transactions are not public, but masked in the cryptocurrency block chain. You can also mask the amount of turnover in them. As a result, it is impossible to track both who (what address) of a cryptocurrency has sold / bought, and how much it was. All transactions can be completely anonymous and de facto they are, because hardly anyone decides to disclose the details.

According to experts, Monero is currently the most anonymous cryptocurrency in the world. Initially, it had only advantages, and investors were enthusiastic about new possibilities and a sense of freedom. However, it quickly turned out that it was an ideal tool for criminals operating, among others in darknecie. Through it, they accounted for, among others hackers who extracted it by installing Monero's excavation software on computers of unaware users.

In the light of the upcoming regulations, which are supposed to further limit the anonymity of even the most transparent cryptocurrencies, Monero's troubles are not good information for investors who have invested in it. On Monday, November 25 this year Monero's exchange rate against the dollar recorded the lowest levels since February 2019.

Monero in relation to USD. Source: Trading View