In an email is quote by Reddit user Kraken, the world’s eighth largest exchange by trading volume, has announced that it will be delisting the Privacy Coin Monero (XMR) under UK regulations. The platform will cease all XMR trading activity, set the XMR wallet to only make withdrawals, and force the liquidation of all existing XMR margin positions after November 26th.
Using advanced cryptography, privacy coins like Monero obscure participants’ public wallet addresses and payment amounts when their transactions appear on the blockchain, making it impossible for legal entities like Chainalytics to keep a close eye on the current technology landscape.
The development of privacy coins like XMR has been a controversial topic. Proponents claim that they offer users more privacy than popular visible ledger cryptocurrencies like Bitcoin, knowing that public wallet addresses and transactions of individuals cannot be matched against customer information stored on exchanges to determine their identity.
However, critics say the undetectability of privacy coins makes them an ideal choice for criminals, for example for use in drug trafficking, tax evasion or money laundering.
As a result, privacy coins are being scrutinized closely by crypto exchanges around the world. Last year, Coinbase refused to list XMR, citing regulatory concerns. At the beginning of January, Bittrex removed XMR and the leading data protection coins Zcash and Dash from the list. Riccardo Spagni, a former XMR supervisor, was arrested in the United States in July for fraud in that country from 2009 to 2011 at the request of the South African government.
Despite the growing backlash from centralized financial institutions and regulators against privacy coins, they continue to gain interest among crypto users. According to CoinGecko, the total market capitalization of all privacy coins is now almost $ 15 billion.
At the time of writing, XMR is trading at $ 245, up 7% over the past 24 hours. It seems that this privacy coin is unaffected by Kraken’s latest announcement.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
According to Cointelegraph