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Australian exchanges eliminate privacy coins in the chain analysis integration

August 25, 2020

Pressed by external forces Two Australian exchanges began delisting various privacy coins, including Monero (XMR) and Bytecoin (BCN).

On August 24th, the YouTuber, Alex Saunders tweeted a screenshot of an advertisement for the Australian exchange Coinspot. That announcement seemed to suggest that several privacy tokens would be removed from the platform before August 31:

Source: Twitter.

Australian exchanges eliminate privacy coins in the chain analysis integrationAustralian exchanges eliminate privacy coins in the chain analysis integration

Another Twitter user allegedly this CoinSpot wasn’t the only one who intended to remove privacy tokens, Swiftx, another Australian exchange, is planning to do the same.

On the same day, Chainalysis announced that it would partner with CoinSpot and Coinjar “to improve compliance standards”. It appears that none of the exchanges have confirmed the impending shutdowns. Cointelegraph contacted CoinSpot customer service to ask if Monero would be removed from the platform. A company representative replied, confirming the message, alluding to the reason for the decision:

Since we started doing business in 2013, we have seen many cases where pressure from outside institutions has attempted to suppress or restrict our business. In each of these cases, we have always worked hard to coordinate the best possible outcome for our members. We do not make these decisions lightly as we believe that cryptocurrency trading services should be as accessible as possible to all Australians.

The assemblyman He assured that there would be no forced trade in these assets and that users would still be able to withdraw their coins.

One of the coins that CoinSpot originally marked as removed from the platform It was the Komodo KMD. However, Komodo believed this was a mistake as KMD’s data protection feature had long been disabled, according to the project’s CTO, Kadan Stadelmann:

Komodo has not activated the data protection function for a long time. We have a legal understanding to support this claim. Although the Komodo platform offers data protection technology, the Komodo token (KMD) itself does not offer data protection technology.

Stadelman confirmed to Cointelegraph that the issue has already been fixed and that KMD will not be removed from CoinSpot. AtomicDEX, a decentralized exchange (DEX) based on Komodo technology, currently includes trading in Zcash but not Monero.

The major exchanges do not intend to compromise their businesses in order to make these assets available to their users.

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