Kraken, the world's largest cryptocurrency exchange by trading volume, has announced that it will de-list privacy coin Monero (XMR) in accordance with UK regulations.< /p>
In an email quoted by Reddit users, the exchange said the exchange will halt Monero trading activities and set XMR wallets to withdraw only while liquidating any existing margin trades. For Monero after November 26th.
Through advanced encryption, privacy coins like Monero obscure participants' public wallet addresses and payment amounts when their transactions appear on the Blockchain, making it improbable that, in the context of current technology, For forensic entities such as Chinalitics to digitally track the identities of the parties to a transaction.
The development of privacy coins such as XMR has been a controversial topic. Proponents claim that they provide users with greater personal privacy than digital currencies with globally viewable ledgers such as Bitcoin (BTC), knowing that public wallet addresses for individuals and transactions cannot be compared to KYC information stored on exchanges to reveal their identity.
However, critics say that the untraceable nature of privacy coins facilitates perfect adoption by criminals, such as for drug smuggling, tax evasion or money laundering. As a result, privacy coins face scrutiny from crypto exchanges around the world.
Last year, Coinbase declined to list (XMR), citing regulatory concerns. Earlier in January, Bittrex removed XMR, as well as leading privacy coins Zcash (ZEC) and Dash.
