Bithumb is set to become the latest Asian crypto exchange to officially remove Monero from its platform. Not due to its privacy aspects, but rather because XMR is used to buy and sell illegal pornographic material.
It has been coming for some time now, but Bithumb has finalized its decision on Monero.
Bithumb Gets rid of its Monero Trading Pairs
Several weeks ago ,the company announced that Monero would potentially be delisted in the near future.
This is primarily due to an ongoing decline in XMR trading volume on the exchange.
This decision will now be sped up due to a correlation between XMR and illegal pornographic material.
Numerous people are using this currency to buy this material through Telegram.
For Asian exchanges such as Bithumb, it is crucial to distance themselves quickly fro any sort of illegal transactions.
It is not the first time that an Asian exchange delists XMR either.
In 2018 and 2019, virtually all other trading platforms took that step.
Back then, there were concerns regarding Monero’s privacy and anonymity features, ad how they would facilitate illegal transactions.
It seems unlikely that this decision will affect the XMR price or demand in any way.
Earlier this year, Huobi also removed Monero from its platform.