So, apparently we are entering an era where privacy is a luxury and following towards such standards shouldn’t shock anyone. In the real world it manifests itself with difficulties experienced by cryptocurrency projects focused on providing discretion. One of them is Monero and it has just got hit by exchange for Poles Bitbay.
Bitbay issued a notice, which states XMR withdrawal from the exchange. The calendar looks as follows:
11/29/2019 – End of deposits (payments on time and changes in the network)
19/02/2020 – End of trading in XMR and clearing orders
20/05/2020 – End of payouts in XMR
Changes are dictated by the exchange, which performs its adjustment to the guidelines of the authorities, in particular AML and KYC. The anonymity that is provided by the Monero was in breach of these directives, according to Bitbay. Exchange refers to the standards of other exchanges that allow you to deposit and withdraw funds from a traditional bank accounts. This means that customers wanting to use endpoints to the traditional banking system anonymity is not even available option nowadays.
Price of XMR follows the broad cryptocurrency market. Demand for anonymity not only can’t fight the market trend, but it seems to disappear among speculative force.
What is the impact of the delisting on the Monero price? Virtually none. The volume of transactions on the market mostly for Polish investors is very low and Monero is being added and implemented on smaller exchanges, which do not allow payments to bank accounts. VCC recent listing on the Exchange, Indodax, BTSE and Bitcoin.com show that the project is far from losses due to Bitbay action.
Our opinion? Probably volume and commissions earned by Bitbay with Monero were too small, which is not profitable to implement the changes facing this cryptocurrency. So they killed two birds with one stone: abandoned anonymous cryptocurrency to earn a few small points with regulators and spared the work of IT department expenses. Roadmap of Monero seems to be stable, the recently issued Carbon Chamaeleon and a new version of the application portfolios by Ledger. Bitbay users should remember to withdraw their funds from the stock market before the date specified in the notice.