Kraken Is Delisting Top Privacy Coin Monero (XMR) For UK Users
November 19 2021 - 12:00PM
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It seems UK users will soon be unable to access Monero on one of
the leading crypto exchanges. There have always been concerns
around the Bitcoin competitor regarding the absolute privacy that
the digital asset confers. Until now, it remains impossible to
track/trace Monero transactions, making it the ultimate privacy
coin, and governments are worried that individuals will use this to
evade taxes. Another concern is around the use of the
cryptocurrency as a criminal tool, although there is no definitive
way to tell if this is true. However, it remains high enough on the
list of concerns that even countries where cryptocurrencies are not
illegal are clamping down on the cryptocurrency. The latest is the
UK as regulations have pushed Kraken to remove access for its
citizens. Delisting Monero Over Regulations In an email sent out to
users that were posted on Reddit, Kraken outlines the reason for
the delisting. The email explained that the crypto exchange was
trying to be in compliance with UK regulations and as such, it will
no longer be supporting Kraken (Payward Ltd) on its platform. The
delisting will happen in a week and will affect trading activities
around the privacy coin. Related Reading | Cardano Leads
Altcoins As Market Marks 13th Consecutive Week Of Inflows Kraken
announced in the email that as of November 26th, UK users will no
longer be able to trade Monero (XMR) on the platform. All trading
activities will cease including Instant Buy/Sell Services, order
book trading on the XMR/BTC, XMR/USD, and XMR/EUR pairs. In
addition to halted trading services, UK users will also not be
allowed to fund their balances with Monero on the exchange after
November 26th. However, users will be able to withdraw all of their
current Monero balance to other wallets or exchanges. XMR trading
at $234 | Source: XMRUSD on TradingView.com Margin trading is also
affected and will slowly go into effect. On November 23rd, UK users
will no longer be able to increase their Monero margin positions on
the exchange but they can reduce it. Three days after, on November
26th, the exchange will force liquid all open margin positions and
cancel all open orders. In closing, the Kraken team said; “We
appreciate your understanding and we apologise for any
inconvenience caused. Should you have any questions, please do not
hesitate to contact our support team.” Why The Crackdown? Monero is
one of the few cryptocurrencies that manage to confer absolute
privacy to their investors. This has made it the coin of choice for
investors who want to be in control of their own money. As this
Reddit user eloquently puts it, it’s “One of the few coins that
truly makes your money your own. Security without compromising
privacy, something that was unheard of only a few years ago.”
Related Reading | New Record For Bitcoin Lightning Network As
Adoption Grows Monero is a cryptocurrency that has maintained the
privacy component behind the creation of cryptocurrencies. It puts
the investor in complete control and makes it impossible for a
third party to interfere or see where the funds are going, and
since governments cannot track it, then they cannot tax it. Hence
the crackdown on privacy coins to limit their use by residents.
Featured image from Kraken Blog, chart from TradingView.com
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