In email lead Kraken, the world’s eighth largest cryptocurrency exchange by trading volume, by Reddit users, Announce It will delist the privacy coin Monero (XMR) Conforms to British regulations. The platform will stop all XMR trading activities after November 26, set the XMR wallet to only withdrawals, and force the liquidation of any existing XMR margin positions.
Through advanced cryptography, when a participant’s transaction appears on the blockchain, a privacy currency like Monero will mask the participant’s public wallet address and payment amount. This makes Chainalytics and others obtain the verification body in the context of current technology. It is impossible to digitally track the identity party of the transaction.
The development of privacy coins such as XMR has always been a controversial topic. Proponents claim that they provide users with greater personal privacy than cryptocurrencies. These ledgers have universally visible ledgers, such as Bitcoin (Bitcoin), knowing an individual’s public wallet address and transactions cannot be cross-compared with the customer information stored on the exchange to pierce their identity. However, critics say that the untraceable nature of privacy coins makes them ideal for criminals, such as for drug trafficking, tax evasion or money laundering activities.
Therefore, privacy coins face scrutiny from cryptocurrency exchanges around the world. Last year, Coinbase Refuse to list XMR, Citing regulatory issues. At the beginning of January, Bittrex delists XMR, And the leading privacy coin Zcash (Jersey) with sprintRiccardo Spagni, the former maintainer of XMR, Arrested in the U.S. in July At the request of the South African government, a lawsuit was filed for alleged fraud in the country from 2009 to 2011. He has since been released, but court proceedings are still ongoing.
Although centralized financial institutions and administrative agencies are increasingly opposed to privacy coins, they continue to gain traction among cryptocurrency users. according to For CoinGecko, the total market value of all privacy coins is now close to 15 billion U.S. dollars.