BitBay Discontinues Support For Monero Following Regulatory Concerns

BitBay Discontinues Support Monero

BitBay Discontinues Support Monero

BitBay revealed that it will discontinue support for privacy-focused cryptocurrency Monero (XMR) following concerns related to regulatory compliance.

Per an announcement published on its website on November 25th, BitBay is ending support for Monero due to the coin’s ability to “selectively utilize anonymity features.”

The exchange said the decision to discontinue support was made to block the possibility of “money laundering and inflow from external networks.”

Bitpay said:

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.

The exchange said their is a halt to all XMR deposits that will go into effect on November 29th.

Trading support for Monero  will stop on 19th February 2020 and outstanding orders on the books will be canceled.

You ought to have withdrawn your XMR from the exchange by 20th May 2020.

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