Boycott of Changelly Results In Delisting of Monero (XMR)
There has been continuous call by Monero (XMR) community that Changelly be boycotted owing to different issues which is said to be caused by Changelly, however, the end result appeared to be delisting of XMR and replacing it with Monero Original (XMO).
While Monero community called for boycott owing to the “new draconian KYC and AML rules”, Changelly decision to delist the privacy altcoin came as a surprise.
One of Monero enthusiasts pointed that Changelly was on an extortion run, maintaining that it “extort users into sending personal information or lose their money, which he concluded was a “good profit for Changelly”.
“Not only do they not allow you to cancel your transaction (like XAPO etc all over exchanges) after you send in your documents it will take weeks if not forever for verification. This is 100% money grabbing scheme,” a Reddit user by the name Moneroexchange13 has said.
Changelly who commented on the series of attack revolving around the withholding of customers’ funds requested that the affected customers provide information necessary for KYC.Top of Form.
“Dear user, Your transaction is on hold until you provide us with the information required for KYC, proving that your funds are legitimate. We are sorry for the inconvenience, but we have to protect our service and our users from criminal activities and stolen funds. We will appreciate your cooperation.”
Another Monero enthusiast who claimed Changelly had confiscate his account for the past 6 days said:
“Still holding my money. Told me there’s no way to get it back without sending my personal information. Confirmed they are targeting monero and XEM specifically. This company has gone rogue and should be avoided at all costs. /r/monero has active warnings out on them and they have a long history of scamming people, I should of read up on this before trying to do business with them. Good profit for them I suppose.”
While the complaints keep coming in, especially from Monero enthusiasts, Changelly decision to delist the privacy coin is still yet to be known.
Changelly, which is a very popular exchange was founded in Prague in 2013 by the same team that the MinerGate mining pool. Observers say close to 1 million people have made deals with Changelly, while the platform takes a stable 0.5% for its services.
However, even though Monero, the privacy and decentralized Cryptocurrency dripped in the last 24hrs by 0.49% in the market according to Coinmarketcap, one cannot confidently ascertain that it is an aftermath of the delisting.