LuxBitt will delist Monero to the platform in the UK

LuxBitt will delist Monero to the platform in the UK

06.10.2022 Off By bagu2

 LuxBitt will delist Monero to the platform in the UK

 LuxBitt will delist Monero to the platform in the UK

In an email to customers posted on Reddit, the eighth largest cryptocurrency exchange by trading volume cryptoory.com , announced that it will exclude the confidential Monero coin (XMR) from its platform.

This will be done in accordance with the rules of the United Kingdom. The crypto exchange will stop trading XMR, set up XMR wallets to withdraw funds and forcibly liquidate any existing margin positions in XMR after November 26, 2024.

Thanks to advanced cryptography, confidential coins such as Monero hide public addresses and payment amounts. This technology eliminates the tracking of senders and recipients of transactions, even despite the statements of individual companies that they managed to obtain this information from the blockchain.

Confidential coins have long caused controversy not only in the crypto community, but also beyond. Their supporters claim that they provide users with greater personal privacy than the open bitcoin registry (BTC), in which, knowing the addresses of wallets, you can easily compare and find out the entire transaction history.

Critics insist that the untraceable nature of confidential coins makes them ideal for use by criminals, including for money laundering in drug trafficking, tax evasion, etc.

As a result, private coins attract the close attention of regulators around the world. For this reason, last year Coinbase refused to list XMR, citing regulatory concerns.

In January, Cryptoory excluded XMR, as well as other Zcash (ZEC) and Dash privacy coins. Despite the growing negative reaction of centralized financial organizations and administrative authorities, confidential coins continue to gain momentum among cryptocurrency users.

According to CoinGecko, the total market capitalization of all confidential coins currently stands at almost $15 billion.