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Home Latest News Altcoins Bittrex Is Removing Monero, Zcash and Dash

Bittrex Is Removing Monero, Zcash and Dash

On December 29, Bittrex announced that its exchange will remove the U.S. markets for the three largest private coins by market cap on January 15, 2021.

The Bittrex on 29 December revealed that the delisting of monero (XMR), zcash (ZEC) and dash (DASH) will proceed with the trend of so-called privacy coins being delisted by market cap cryptocurrency exchanges on Friday, January 15, 2021.

In the post, Bittrex stated it is giving users up to 30 days to withdraw their coins: “After the markets are removed, Bittrex generally seeks to provide users up to 30 days to withdraw any delisted tokens, but in certain instances the withdrawal period may be shortened. Users should withdraw any tokens before the posted withdrawal deadline.”

Although there was no explanation for delisting in the post, Larry Cermak, Director of Research at The Block, hypothesized that the delisting was in reaction to the current talk of pressure due to the AML regulations suggested by the FATF.

According to Bloomberg, for each transaction, all “Virtual Asset Service Providers” (VASPs) will have to gather information about their clients and recipients of funds and give the information to the recipient’s service provider. 

Since this FATF regards cryptocurrency exchanges as VASPs, banks and other financial service firms would essentially be subjected to the same standards. The new requirements, released on Friday 21 June, are the formalization of a suggestion by the FATF made earlier in February. As several crypto exchanges and wallet providers are not prepared to gather and send the data needed by FATF, the controversial rule was not well received by the crypto industry.In response to the announcement being shared by the Bittrex Twitter account on Friday night, the prices of Monero.

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