Spanish bitcoin (BTC) and cryptocurrency exchange Bitnovo reported that it reduced fees to buy Monero (XMR), Zcash (ZEC) and Dash by 50%. The decrease in fees comes at a time when other exchanges are removing the three crypto assets from their exchange lists.
Users registered in Bitnovo previously paid up to 4% in commissions for the acquisition of these cryptocurrencies. However, the rate is now 2%, Marcos Muñoz, CEO of the exchange, informed CriptoNoticias. The startup’s decision is in defense of the privacy offered by Monero, Zcash and Dash in the bitcoiner ecosystem.
Currently multiple regulatory entities, exchanges and even governments are restricting trade with the three cryptocurrencies since, supposedly, they are used by criminal organizations for money laundering and other crimes.
“Exchanges are afraid of regulation and of the United States. The authorities do not know how to regulate, so what they do is prohibit. We must all support these cryptocurrencies, ”Muñoz said on January 12.
The executive added that the measure has been accepted by operators, especially those that market Dash. Regarding this behavior, he indicated that, unlike other exchanges that have announced the exit of privacy-oriented cryptocurrencies, they are going in the opposite direction with lower commissions that will be maintained until further notice.
“The call is to the operators to keep their cryptocurrencies safe. Let them be the ones who manage their private keys and safeguard their crypto assets, “said Muñoz.
Bitnovo started a campaign last week to defend privacy in the bitcoiner ecosystem. Source: Bitnovo / bitnovo.com
Privacy as a right of users
Last week Bitnovo revealed its decision to lower the fees of the three cryptocurrencies. In that occasion argued that privacy is a fundamental element not only in the bitcoin universe, but also as the right of any modern society.
“At Bitnovo we firmly believe that money privacy should be a fundamental component for the creation of a free and open society. That is why we have decided to reduce the fees to buy Dash, buy Monero or buy ZCash in order to support these projects more than ever. It is essential that together we can respond to government attacks and the complicity of some exchanges, “the exchange house emphasized.
The company questioned the move of the Bittrex exchange which already It will not offer support to Monero, Zcash and Dash starting next Friday, January 15. Additionally, users will have up to 30 days to withdraw their funds from the platform.
Another example of the regulation against the three cryptoassets occurred in November of last year. CriptoNoticias reported that the South Korean Financial Services Commission will ban the three cryptocurrencies from March on considering them “dark” and being a potential instrument for money laundering.
Despite the announced bans, a report released in December by the international law firm, Perkins Coie, emphasized that no new regulations are needed to go after Monero, Zcash or Dash. Instead the scrutiny should be directed at Virtual Asset Service Providers (VASP).
It should also be noted that, in order to promote transparency in operations with Monero, the exchange BTSE recently launched the WXMR token about Ethereum. It is a crypto asset with 1: 1 parity with Monero that tries to generate a market for regulators to monitor operations.