Posted 7 months ago | by @devadmin
According to a Twitter announcement Bittrex has stated that it will be delisting privacy coins —Monero (XMR), Zcash (ZEC), and Dash (DASH), continuing the ongoing trend of privacy coins being delisted.
— Bittrex (@BittrexExchange) January 1, 2021
In the release, the exchange stated that XMR, ZEC, and Dash’s markets will be removed on Friday, Jan. 15th, at 23:00 UTC.
While Bittrex gave no reason for the removals, exchanges around the world have been moving to delist privacy-related cryptos starting with Binance Australia over the summer. This is speculated so they can become compliant with AML (anti-money laundering) and KYC (know your custom) laws. Bitboy Crypto previously warned last year that privacy coins would be targeted in a video news release noting that new regulations were coming in the U.S. soon as well.
For further example, the U.S. Secret Service has recently urged Congress to create ways to limit the use of privacy-focused cryptocurrencies. The U.S. Department of Justice (DOJ), is also threatening the existence of Privacy Coins stating using them is akin to potential “criminal conduct.”
The report by the U.S. Attorney General’s Cyber Digital Task Force called Cryptocurrency: An Enforcement Framework released on Oct. 8, states anonymity enhanced cryptocurrencies or (AECs) can undermine existing anti-money laundering (AML) and combat the financing of terrorism (CFT) regulations put in place by businesses dealing in fiat. The task force cited coins including Monero (XMR), Dash (DASH), and Zcash (ZEC) in their report.
“The Department considers the use of AECs to be a high-risk activity that is indicative of possible criminal conduct,” the report stated. “AECs are often exchanged for other virtual assets like Bitcoin, which may indicate a cross-virtual-asset layering technique for users attempting to conceal criminal behavior.”
According to the report, privacy coin holders are able to obfuscate the origin of their tokens using — mixers, tumblers, and chain hopping —undermining AML, and CFT rules.
It’s important to note that the Internal Revenue Service (IRS) had its eyes specifically on Monero holding a competition to crack its encryption for $625K. There is also a website called Monero-BadCaca that claims to have cracked Monero detailing that the coin’s privacy is nothing more than an illusion. The website also illustrates IP addresses transacting with Monero along with their favorite porn using torrent trackers. Ciphertrace has also made claims that they have cracked Monero in the past.
Monero is currently trading at [FIAT: $136.92] DOWN -12.6% in the last 24 hours according to Coingecko at the time of this report.