No more anonymity? – Bad time for so-called « anonymous » cryptomoney. Oh, yeah. Some of them have just been removed outright from the Bittrex exchange platform. Unfortunately, this trend is more likely to accelerate, as we will see.
Monero, Dash and Zcash abandoned to the dungeons by Bittrex
In an announcement published on their support site, Bittrex crypto-market teams warn their customers that they will be unlocking Monero (XMR), Dash and Zcash (ZEC) crypto-currencies, all three known for their anonymous transactions.
A total of 11 currency pairs with Bitcoin (BTC), Ethereum (ETH), Tether (USDT) and the dollar will be removed from Bittrex’s trading offer as of Friday 15th January.
From that point on, not only will trading no longer be possible, but Bittrex clients will only have 30 days to remove their MNR, DASH, and ZEC from the platform, which would bring us to February 14th for the last withdrawals.
The worst part is that Bittrex has not given any reason for these delistings. Of course, given the anonymous component of the 3 cryptos in question, one suspects that this is a fear of problems related to the regulations, which are more and more demanding when it comes to monitoring crypto-market clients.
Regulations leave no room for privacy anymore
While Zcash and Dash offer optional anonymous transactions, those on Monero are all mixed systematically, making them anonymous by default. In any case, this does not seem to please governments and other anti-money laundering (AML) watchdogs at all.
Without even mentioning the extreme case of France, whose government has chosen to kill the actors of the French cryptosphere with an ordinance, all around the world, legislation has become tougher against cryptos.
Whether in South Korea as early as November, or in the United States recently, the regulatory vise is tightening. The aim of the manoeuvre is, of course, to be able to tax everything to the last penny.
The 37 OECD countries have agreed to find a common framework for taxing crypto-assets. In other words, cryptomoney, whose transactions may not be traced from A to Z, may no longer be popular on centralized exchange platforms, which will soon be ultra-surveillance.
Will we see these cryptomoney, and others that claim to protect the privacy of their users, being shredded by regulators? Let’s hope they will survive, but the future is unfortunately uncertain for anonymous cryptos.