Tuesday, December 10

Monero Futures Begin Trading on Dubai-Based Crypto Exchange

0
14

bitbond bitcoin lending

Dubai-based multi-currency and spot/futures exchange, BTSE, unveiled its Monero (XMR) futures trading, Oct. 31. The move makes it one of the first and only exchanges offering futures contracts on the privacy-focussed cryptocurrency.

Bucking the trend of exchanges delisting privacy-focused coins

BTSE is a relatively unknown, low-volume exchange that is licensed by the Department of Economic Development, Government of Dubai and is under the regulations of the Central Bank of United Arab Emirates, according to its website. 

The decision to list Monero comes at a time when the popular privacy coin is being delisted from several other exchanges. Despite having proved its longevity, its focus on anonymity entails potential regulatory risk.

Pressure from the Financial Action Task Force, while driving criminals towards Monero and other privacy coins, is also causing some platforms to delist them.

Blockchain analysis firms such as CipherTrace, for example, are working with regulators and law-enforcement agencies to track an increasing number of cryptocurrencies, though privacy-focused Monero and Zcash are notably absent from the list of monitored tokens.

How to list privacy coins in a regulatorily-compliant fashion

But CEO of BTSE, Jonathan Leong, believes that privacy is an important aspect of a strong digital currency, and that listing Monero can provide authorities with a yardstick by which to assess best practices for listing such tokens. 

Leong:

“In listing Monero, we hope not only to provide our users with more choice when it comes to their trading needs, but to spark a conversation on how to list privacy coins in a regulatorily-compliant fashion.”

As Cointelegraph recently reported, cryptocurrency futures trading is rapidly catching up to spot trading in terms of volume.

bitbond bitcoin lending
BTC News Journal

Leave a Reply

avatar
  Subscribe  
Notify of

More News