CIOTechie_Blockchain_BFSI_Bitcoin_Security_Privacy_XMR.TO_USA_Monero_Altcoin

Privacy Service Platform XMR.TO Removes Bitcoin Transfers Support For US Residents

BFSI News

Privacy_Service-Platform-XMR.TO-Removes-Bitcoin-Transfers-Support-For-US-Residents Privacy Service Platform XMR.TO Removes Bitcoin Transfers Support For US ResidentsXMR.TO, a service which enables users to make a Bitcoin payment with the strong privacy provided by Monero, has announced that it will not be serving US-based clients for the time being. It allows users to make a Bitcoin payment to a specified address, but to maximize their own anonymity by first transferring an equivalent value in privacy coin Monero to XMR.to that after receiving the Monero, applies for the Bitcoin payment on the user’s behalf.

Since the company does log IP addresses, it then offers a .onion address and delineates that users can maximize anonymity by using TOR (dark web) to fully protect their IP address, location, and identity. It reported that Monero’s privacy features have sparked controversy among regulators owing to concern over Counter-Terrorist Financing (CTF) and Anti-Money Laundering (AML) compliance. In this regard, mainstream and compliance-conscious Crypto industry players like Japan-based Coincheck, have selected to take out XMR and other anonymity-focused Altcoins from trading. Similarly, the Finance Committee of France’s National Assembly, recently, has recommended a ban on anonymous Cryptocurrencies, including Monero. Particularly, the United States Drug Enforcement Administration (DEA) has claimed that despite challenges, the agency still has ways of tracking Altcoins, including Monero.

XMR.to works in this way, users request to make a Bitcoin payment for a specific amount and address that they would like to send funds; the service acts as a middleman where the user then sends an equal amount of Monero to the company; and once the Monero is received, XMR then conducts the Bitcoin transaction on behalf of the user.