Reports have emerged that participants in a Korean-based sexual exploitation ring used Monero for criminal acts. As a result, Bithumb is considering delisting the cryptocurrency. Huobi has already dropped it from its Korean exchange.
EXCHANGES CITE PRIVACY CONCERNS OVER MONERO
The “Nth Room Case” is an unfolding criminal investigation unfolding in South Korea that allegedly involved sexual crimes broadcast in Telegram chat rooms. South Korean authorities have inferred that part of the operation involved Monero transactions.
Yesterday Huobi Korea delisted Monero, citing “low trading volumes and anonymity functions.” It did not directly reference the Nth Room investigation in its announcement, and the Singapore-based exchange has not delisted the privacy-centric cryptocurrency on the rest of its platform.
South Korean newspaper Sisi Journal now reports that Bithumb is also considering delisting Monero. Specifically, the article states that Bithumb has a policy to drop cryptocurrencies that are used primarily for criminal acts, and that an internal committee is reviewing whether or not Monero now falls under this designation.
Bithumb is the only notable Korean exchange to still trade Monero. Upbit delisted it last year, also citing the concerns over the platform’s anonymity. Thus, such a move would be a significant blow to the cryptocurrency.
DELISTINGS INTENSIFY DEBATE OVER ANONYMITY
Exchanges continue to make efforts to transition into legitimate financial brokers, and thus they are increasingly cooperating with regulators. It is thus not surprising that many are now less willing to list coins that enable anonymous transactions.
Although far from the only privacy coin, Monero is by-far the most popular. Anti-crypto activists frequently target it, asserting that it is used primarily for a range of criminal activity such as money laundering, drug purchases, and tax evasion. Not surprisingly, some exchanges are willing to delist it to improve their reputation with lawmakers and would-be customers.
It is worth noting that the overwhelming majority of cryptocurrency transactions are legal, including those involving Monero. The allegations of crypto being centered around criminality have long been debunked. More importantly, delisting coins with privacy features will not stop their use. In fact, activity on the Monero network has increased over the past several months despite being dropped from several exchanges.
Although a debate exists over whether or not privacy-centric coins are positive for cryptocurrency adoption, their proliferation continues. Anonymous use is now possible on many platform, including Bitcoin. Thus, it should be considered a permanent feature of crypto use, and considered by lawmakers when drafting policies on blockchain use.
Do you think Monero should be delisted by Bithumb and Huobi Korea? Add your thoughts below!
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В связи с появлением сообщений о том, что на территории Кореи криптовалюта Monero использовалась в преступлениях в сексуальной сфере, биржа криптовалют Huobi провела делистинг цифрового актива. Ещё одна биржа Bithumb рассматривает исключение Monero со своей платформы.
Появились сообщения о том, что криптовалюта Monero замешана в деле, связанном с сексуальной эксплуатацией в Южной Корее. Именно поэтому криптобиржа Bithumb рассматривает вопрос о делистинге этой криптовалюты, в то время как Huobi уже сделала это.
Южнокорейская биржа Bithumb подверглась давлению в местном сообществе из-за представленной на её платформе криптовалюты Monero, фигурировавшей в недавнем скандале вокруг Telegram-канала «N-ая комната», администрация которого обвиняется в сексуальной эксплуатации.
Following a disastrous security breach in June that led to losses of more than $30 million, Korean cryptocurrency exchange giant Bithumb has announced that it is set to resume deposit and withdrawal services on its platform.
Обновление от 03. 08. 2018: Криптовалютная биржа Bithumb возобновит свою работу 4 августа в 05:00 по Москве. Первоначально сервис будет работать только с 10 криптовалютами — bitcoin, Ethereum, Ripple, Ethereum Classic, Qtum, Litecoin, Bitcoin Cash, Monero, Zcash и Mithrill.
Криптовалютная биржа Bithumb объявила о завершении апгрейда системы безопасности и возобновлении ввода и вывода 10 криптовалют. Операции по ещё 25 активам станут доступны позже. 4 августа в 05:00 по Москве будет возобновлён ввод/вывод по Bitcoin, Ethereum, Ripple, Ethereum Classic, Qtum, Litecoin, Bitcoin Cash, Monero, Zcash и Mithrill.
Monero (XMR), the privacy-focused cryptocurrency, has recently captured the attention of investors and market analysts alike after its price touched a 34-month high on January 17. But what does the future hold for XMR? Let’s delve into the recent developments, technical indicators, and market dynamics to forecast the potential trajectory of Monero’s price. Monero price […]
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