U.S.-based exchange Bittrex today announced the delisting of 3 privacy coins specifically Monero [XMR], Zcash [ZEC], and Dash [DASH] since January 15th, 2021. Previously South Korean exchanges were found to delist privacy coins citing the FATF’s regularity issues.
Bittrex Becomes First U.S. Exchange to Delist Privacy Coins
In an official statement, the Bittrex team informed traders that they would no longer be enabled to trade in XMR, ZEC, and DASH market sets as of January, 15th. This statement is available in wake of Financial Action Task Force guidelines for AML and exchange’s way to de-risk possible actions from regulators.
The $XMR, $ZEC, and $DASH markets will be removed on Friday, January 15th at 23:00 UTC.
—– Bittrex (@BittrexExchange) January 1, 2021
Cryptocurrency exchanges in South Korea, Australia, and Japan have actually already started delisting personal privacy coins over issues concerning actions from regulative bodies like FATF. But, this is the first case of a U.S.-based exchange delisting personal privacy coin and may activate a delisting spree at other exchanges.
Bittrex Decision Influenced By Regulatory Pressure?
The sudden move by Bittrex without any explanation for the decision has actually triggered numerous speculations and taking a look at the recent STABLEAct followed by the newly proposed wallet custody rules, it appears the US government is planning to gain overall control over crypto trading and deals.
Unexpected elimination of privacy coins from Bittrex (United States Exchange) a surprising and unforeseen relocation, with little explanation.
This sort of action is typically a reaction to regulative pressure, so it will be interesting to see if other US exchanges follow suit. https://t.co/lFnyLnNqzs
—– Adam Cochran (@AdamScochran) January 1, 2021
The delisting of privacy coins from crypto exchanges ought to not really come as a surprise for many posts the federal government’s brand-new KYC policy for exchanges under which crypto exchanges are required to make note of traders’ complete personal detail for every single deal surpassing above $10,000.
If any such proposal is underway, we can see personal privacy coins meet a similar fate as that of XRP, where most of crypto exchanges serving the United States customers such as Binance United States and Coinbase have terminated all XRP trading and deal services post-SEC’s lawsuit.
Bittrex has not reacted to our questions at the time of writing, any update from the federal government body or exchange would be upgraded.
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