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Another exchange eliminates Monero in the midst of the ongoing sex scandal

May 15, 2020

The cryptocurrency exchange Bithumb officially announced that they will remove Monero (XMR) from their trading platform as of June 1st.

According to local media company Newsway, Bithumb’s audit board has decided to permanently remove the coin after it was temporarily removed in April.

Recently, Monero was in the spotlight due to reports from telegram users who used XMR to buy illegal pornographic material, many of whom were minors.

Monero is said to be the most popular cryptocurrency in the Nth space

Another exchange eliminates Monero in the midst of the ongoing sex scandal
Another exchange eliminates Monero in the midst of the ongoing sex scandal

Because of the security infrastructure that protects the identities behind XMR transactions, Monero was said to be the sex video gang’s preferred cryptocurrency. This has made the South Korean police investigation more complex.

Bithumb also referred to the fact that XMR’s trading volume has decreased significantly in recent months.

Comment on how the exchange will fight illegal transactions through its platform:

“We are performing a technical review of traceability security by running ongoing discussions about virtual assets with similar characteristics with each foundation in addition to Monero.”

The company added that the guidelines are being followed to create a secure and legal environment for cryptocurrency transactions.

Decision made after Huobi Korea struck Monero off the list

Cointelegraph reported on April 12 that Huobi had announced that it would end support for Monero amid the scandal. However, you did not specifically mention the case of the Nth room as one of the reasons for the exclusion from the list.

March 25th Four local cryptocurrency exchanges have been reported to assist local law enforcement agencies in their investigation into the case.

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