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Changelly may retain XMR if KYC has not been completed
Private currencies such as Monero (XMR), ZCash (ZEC), Horizen (ZEN), are often the subject of controversy within the cryptocurrency community , as some opponents affirm that such activities directly allow money laundering, terrorism financing and the like. Although this may be true in rare and marginal cases, these critics fail to remember that a good majority of transactions with privacy-enabled coins are likely to be made with good intentions .
Regardless, Changelly, in Prague, the "instantaneous" cryptocurrency exchange, recently tried to limit the trade
Monero (XMR) on its platform, although it has natively supported private currency for months , if not years.
For individuals looking for -cryptography-to-cryptography-constant transitions, Changelly is undoubtedly one of the best places to go, but for those looking to exchange their resources in Monero specifically, the use of the service It could be a bigger problem. In recent months, a multitude of users have turned to Reddit to state that Changelly has held back hundreds of Monero because of "high risk" KYC concerns.
As reported by The Next Web, a Changelly representative confirmed that the service is allowed to have a finger on the trigger, which allows the exchange to withhold "suspicious transactions" involving Monero. He wrote:
For all the Monero communities, our risk management system does not mark all transactions from scratch … Monero is the cryptography that hides a sender and a recipient making transactions untraceable. This [is] was a reason why large quantities of other currencies had to be checked [sic] before [it’s] converted to XMR.
Spokesperson added that Changelly does not intrinsically hate users who use XMR but will restrict transactions in accordance with its rather rigorous KYC procedure, as money laundering concerns are rampant in regulatory bodies global. The company representative also added that as soon as the KYC protocol was respected, the funds will be immediately released at the pre-designated address owned by the consumer and that user would even be allowed to the white list to prevent this from happening again.
On the other hand, unfortunately, it was revealed that if the submitted KYC documents are not at the height, Changelly retains the right to keep all the hidden cryptocurrencies for an unrevealed period of time.
Regulators and Privacy Cryptos – Not A Good Combo
As reported by Ethereum World News in mid-May, Japan has taken a risk-averse stance towards privacy cryptocurrencies, with regulators within the country that require local exchanges to remove Monero, Dash, ZCash and other anonymous blockchain backed assets or face delicensing.
For now, Japan is the only "big name" country to have made a move against digital goods focused on privacy, but many believe it will not be that long, with pessimists speculating about the fact that countries all over the world will end up moving against this subindustry.
Photo of Marius Ciutacu on Unsplash
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