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

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In an email cited by Reddit users, Kraken, the eighth largest cryptocurrency exchange in the world by transaction volume, announced that it will be phasing out the Monero Privacy Coin (XMR) in accordance with regulations. from the United Kingdom. The platform will cease all XMR trading activities, configure the XMR portfolios for withdrawal only, and force the liquidation of all existing XMR margin positions after November 26.

Thanks to advanced cryptography, privacy coins like Monero obscure participants’ public wallet addresses and payment amounts when their transactions appear on the blockchain, making it unlikely, in the context of current technology, for medical entities. -Legals such as Chainalytics to digitally trace the identities of the transaction evenings.

The development of privacy coins such as XMR has been a controversial topic. Proponents claim they offer users greater personal privacy than cryptos with universally visible ledgers like Bitcoin (BTC), knowing that public wallet addresses and individuals’ transactions cannot be compared with knowledge information. of your customer stored on exchanges to pierce the shroud of their identity. However, critics say the untraceable nature of privacy coins makes them ideal for adoption by criminals, such as for use in drug trafficking, tax evasion, or money laundering operations.

As a result, privacy coins are under intense scrutiny from cryptocurrency exchanges across the globe. Last year, Coinbase declined to list XMR, citing regulatory concerns. Earlier in January, Bittrex delisted XMR, along with major privacy coins Zcash (ZEC) and Dash. Riccardo Spagni, the former maintainer of XMR, was also arrested in the United States in July at the request of the South African government for alleged fraud offenses there between 2009 and 2011. He has since been released, but legal proceedings are in progress. .

Despite the growing backlash from centralized financial institutions and administrative bodies against privacy coins, they have continued to gain traction among cryptocurrency users. According to CoinGecko, the total market capitalization of all privacy coins now stands at nearly $ 15 billion.