Regulators are putting more and more pressure on the entities of the crypto ecosystem and unfortunately we are beginning to see the consequences.
The famous exchange Bittrex announced a few days ago that it will stop supporting Monero, Zcash and Dash through a publication on their website. A fact that has caused a strong blow to the quotation of these currencies, but above all, a strong blow for all those who make up this space.
On the one hand, we see more and more users and institutions entering the world of cryptocurrencies to enjoy the benefits they provide us. On the other hand, we see regulators trying to “protect” and “reduce the risk” of users. As if users were not big enough to decide what to do with their money.
Users will have until Friday, January 15, 2021 at 23:00 UTC to complete any privacy coin activity referred to. After that, trade will be eliminated with the ability to make withdrawals up to 30 days later.
A few days ago Bittrex announced that it would remove Ripple from the platform after the US Securities and Exchange Commission (SEC) filed a lawsuit against Ripple Labs. According to the regulator, XRP is a headline and Ripple Labs is accused of leading an illegal sale of this resource.
Now is the turn of Monero, Zcash and Dash; the so-called “privacy coins” because they have the virtue of preserving the privacy of the user to the maximum.
Although it is unclear for the time being why Bittrex has decided not to support these cryptocurrencies, several analysts link it to the possible tightening of the regulatory framework in the United States compared to the trading of digital currencies whose commercial transactions are private.
Some entries indicate that other Exchanges might follow Bittrex and remove the privacy coins from their lists. We remind you that in November 2020 Shapeshift had already removed these 3 private currencies from its list.
From Bitnovo we firmly believe that the privacy of money must be a fundamental component for the creation of a free and open society. That is why we have decided to reduce the buy Dash, buy Monero o buy ZCash in order to support these projects more than ever.
It is crucial that we can all respond to government attacks and the complicity of some Exchanges.
Defending the privacy of others is defending yours.