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October 4, 2022
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Bitcoin

– Bitcoin, cryptocurrencies and blockchain technology.

The Bittrex cryptocurrency exchange has decided to remove the three most important privacy coins from its platform. On January 15, Bittrex will withdraw support for Monero (XMR), Zcash (ZEC) and Dash (DASH).

XMR, ZEC and DASH withdrawn from Bittrex

The stock market announced a withdrawal of coins via your corporate blog. Although the platform did not provide the reason for this, it is easy to guess – all three cryptocurrencies allow for anonymous transfers.

Unlike Bitcoin and other cryptocurrencies, privacy coins such as Monero, Zcash and Dash hide transaction amounts and addresses. The community speculates that withdrawing support is a response to regulatory pressure. The Financial Action Task Force (FATF) last month announced new anti-money laundering measures. This could have led to the removal of these three coins from the platform.

Trading in private cryptocurrencies will be completed on January 15th at 6:00 p.m. EST. Users will have up to 30 days to withdraw their assets, although “the payout period may be shortened in certain circumstances”. All three coins managed to shed some blood since the announcement. XMR and ZEC are down 15 and 11% in the last 24 hours. DASH lost 11.2% of its value.

Will other exchanges follow Bittrex’s footsteps?

Similar situations have already occurred in the past. XMR, ZEC and DASH were removed from the OKEx Korea and Upbit platforms as early as 2019 for similar reasons. Soon after, the Polish BitBay exchange also withdrew support for Monero.

Bittrex’s actions are unique, however, as it is one of the first major exchanges in the US to withdraw all three coins. It remains to be seen whether other exchanges will follow suit and whether Bittrex’s movements will have a lasting impact on the cryptocurrency market.

Bittrex has also withdrawn support for XRP recently. As with other exchanges, incl. Coinbase and Bitstamp, the plaintiff was a lawsuit by the US Securities and Exchange Commission (SEC) against Ripple Labs and its founders.

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