There are many types of cryptocurrencies, including cryptocurrencies that offer privacy and keep the identity of its owner anonymous.

These currencies are a double-edged sword on the one hand, useful for users who want privacy, but on the other hand they pose a threat to the possibility of money laundering.

Estonia-based BitBay announced last Monday that Monero (XMR) will no longer be tradable on its site as of February 19, 2020.

While the next Friday, November 29, has been set as a date to stop “XMR” deposits, and withdrawals will be temporarily prohibited from Friday until December 5, 2019, to coincide with this period the time of the planned Monero hard fork.

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All users must withdraw any remaining “XMR” coins on the platform by May 20, 2020, according to Notice official platform.

As for the reason for the deletion from trading, the “BitBay” platform provided an explanation that “Monero” is being deleted due to its privacy features.

Monero uses a technology called resonance signatures that confuse small groups of transactions to obfuscate the identities of individuals.

In the company’s statement:

A decision has been made to prevent possible money laundering and flows from external networks.

Adding that other trading platforms have done the same to stay away from problems and get rid of all fears.

The statement also stated:

As a licensed platform, BitBay has to follow market standards.

Compliance with market standards and regulations allows us to provide our clients with legal security and convenience in using the platform, with the participation of an appropriate banking system and the availability of payment operators.

As we mentioned at the beginning of the topic, the privacy protection provided by the “Monero” currency led to the suspension of its trading operations on several platforms.

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For example, earlier this year, the exchange OKEx Korea dropped Monero from circulation, along with other similar currencies.

Privacy coins have been considered by some trading platforms as risky coins.

Coinbase removed zcash from the UK exchange last August.

The move to remove cryptocurrencies from circulation is a demonstration of legal compliance.

A wave of privacy coin delistings has developed since the global financial watchdog issued international guidance on cryptocurrencies and their adoption for money laundering in July.

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