Home News Kraken to delist Monero for UK customers by the end of November

Kraken to delist Monero for UK customers by the end of November

336
0

Kraken, the world’s eighth-largest cryptocurrency exchange by trading volume, indicated in an email that it will delist privacy coin Monero (XMR) in order to comply with UK rules. After November 26, the platform will stop trading XMR, put XMR wallets to withdraw-only mode, and force-liquidate any existing XMR margin holdings.

When privacy currencies like Monero’s transactions emerge on the blockchain, powerful encryption hides participants’ public wallet addresses and payment amounts. Making it difficult for forensic firms like Chainalytics to digitally track the identity of the transacting parties in the present technological environment.

The emergence of privacy currencies like XMR has sparked debate. Supporters argue that they give users more personal privacy than cryptos with publicly visible ledgers, such as Bitcoin (BTC). Because public wallet addresses and transactions can’t be part of “know-your-customer” data on exchanges to pierce the anonymity cloak. However, detractors argue that the untraceability of privacy coins makes them suitable for use by criminals in drug trafficking. As well as tax fraud, and money laundering schemes.

Bitcoin exchanges all around the world are looking at privacy coins

As a result, bitcoin exchanges all around the world are looking at privacy coins. Coinbase declined to offer XMR last year because of regulatory concerns. XMR, as well as prominent privacy cryptocurrencies Zcash (ZEC) and Dash, delisted by Bittrex earlier this month. Former XMR maintainer Riccardo Spagni was detained in the United States in July. At the request of the South African authorities for suspected fraud charges committed in that nation between 2009 and 2011. He was freed from detention, but the case is still pending in court.

Despite the increased opposition to privacy coins from centralised financial institutions and regulatory authorities, they have continued to gain support among bitcoin users. The market valuation of all privacy cryptocurrencies is currently approaching $15 billion, according to CoinGecko.

Previous articleBack-to-back all-time highs from AVAX, ENJ and EGLD suggest it’s ‘altseason’
Next articleMetaverse and blockchain gaming altcoins rally while Bitcoin looks for support