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Bittrex delists privacy coins XMR, Dash, and ZEC

Photo of: Joseph Stone
by Joseph Stone

Bittrex announced that it will withdraw trading from XMR, DASH, and ZEC on January 15, 2021 at 23:00 UTC. From that moment on you will no longer be able to trade Monero, ZCash, and DASH regardless of the associated pair: BTC, ETH, USDT, or USD.

After the removal of these markets you will have up to 30 days to remove these three cryptos from the platform. You can send them to another trading platform or to your personal portfolios. Do this quickly to avoid the withdrawal time being shortened and your encryptions being blocked. Indeed, in its announcement Bittrex announces that the deadlines are likely to be shortened.

No reason is clearly announced. However, these cryptocurrencies have been on the radar of regulators in many countries for some time. A little more than a month ago it was South Korea that announced to ban the trading of anonymous crypto currencies (privacy coin) on March 21, 2021.

They believe that anonymous cryptocurrency makes it easier to carry out illegal activities. Indeed, they do not allow to track correctly or accurately all movements of funds made contrary to Bitcoin. Indeed, even if a KYC (verification of identity) is carried out at the time of the purchase of these cryptos, their use is not traceable (even if the CypherTrace company made patent the tracing of these transactions).

Since the Bittrex crypto stock exchange originated in the United States and targeted a large American audience, it is possible that the STABLE Act may have influenced their decision.

It is legitimate to wonder whether other crypto-currency buying and trading platforms will suppress these trading pairs. We are thinking in particular of large exchanges operating in countries that are not very open to this type of cryptocurrencies (i.e. almost all countries in the world). Cryptos trading and purchasing platforms do their utmost to keep regulators happy, especially when one wants to go public for example.