The completion of KYC is the key to win back Monera coin in Changelly.
Privacy coins have always been a controversial topic in the cryptocurrency world, such as Monero coin, Horizen (ZEN). Opponents worry that these assets are used directly to support gray areas such as money laundering and terrorist financing. Although these cases of illegal crimes may also occur, but the opponents, critics do not care that most of the private coins are out of good intentions.
Take the Monero coin we are going to say today. Monero’s original intention was to provide participants with a safer network where they would not risk being rejected or blacklisted by others. This also avoids the loss of the monero coin.
Changelly is a Prague-based ‘instant’ cryptocurrency exchange. Recently, it has recently sought to restrict Monero trading on its platform.The platform has also supported privacy coins in recent months.
The Changelly platform, Changelly is the best choice for anyone looking for instant crypto-to-crypto transactions, but for those who want to use their assets exclusively for Monero, using this service may bring even greater The problem. In the past few months, many users have announced to Reddit that Changelly has concealed hundreds of Moneros due to “high-risk” KYC issues.
As reported by The Next Web, the Changelly representative has confirmed that the service is allowed to trigger triggers, which allows the switch to retain “suspicious transactions” involving Monero. He/she wrote:
To all Monero community, our risk management system doesn’t mark all transactions out of the blue… Monero is the crypto that hides a sender and recipient thus making transactions untraceable. This [is] a reason why big amounts of other currency got to be checked [sic] before [it’s] converted to XMR.
The spokesperson added that Changelly itself does not hate users who use XMR, but will restrict transactions based on its fairly strict KYC procedures, as concerns about money laundering by global regulators are rampant. The company’s representative also added that as long as the correct KYC agreement is met, funds will be immediately released to pre-designated consumer-owned addresses, and the users will even be whitelisted to avoid this recurrence.
However, on the other hand, unfortunately, if the submitted KYC file does not meet the standard, Changelly reserves the right to retain all detained cryptocurrencies for a period of time. The Monero market cap is likely to receive an impact.
However, according to market conditions, Monero price has been rising in recent days. Here is the chart of Monero’s recent seven days.
For the moment, Monero is the biggest gainer. Jumped from rank 14 to rank ten. However, this phenomenon, which was detained by Changelly, implies the potential risks of Monero coins.