- European Cryptocurrency Exchange Bitbay has taken the decision to delist Monero
- One of the reason cited by the Exchange was that Monero is too Private
- It is ironic to see that even though Bitcoin and the preceding blockchain ecosystem was built on the principles of Anonymity, Organizations are starting to do their will as they gain power
Bitbay is only the latest digital assets trading company to shun away from privacy coins. Over the past two years, service providers all over the world have taken similar moves. The Japanese exchange Coincheck announced that it will stop dealing with monero, dash and zcash in March 2018, Coinbase removed zcash from its UK venue in August and Okex delisted a number of privacy-coins in Korea in September.
The decision by BitBay was announced on November 25th and the delisting will take place on February 19th, 2020, allowing time for holders to shift their stake.
When asked about the delisting of Monero, the exchange claimed, “Monero (XMR) can selectively utilize anonymity features among projects. This feature of XMR is a subject to end of transaction support. The decision was made to block the possibility of money laundering and inflow from external networks.”
Privacy advocates, on the other hand, see it as a wider push to limit anonymity online that also includes banning encryption and demanding software companies implement back doors to spy on users. This is why they believe it is important to add privacy features to more popular cryptocurrencies.
It is ironic to see that even though Bitcoin and the preceding blockchain ecosystem was built on the principles of Anonymity, Organizations are starting to do their will as they gain power.