Kraken Bitcoin (BTC) exchange delists Monero (XMR) for UK citizens

Sat 20 Nov 2021 ▪ 13h57 ▪ 4 min read — by Felix Meyer

British users of Kraken, the world’s eighth-largest cryptocurrency exchange by trading volume, will no longer be able to trade Monero from 26th November. The platform will cease all XMR trading activities in order to comply with the requirements of the UK watchdogs.

Farewell to Monero

One of Kraken users from the UK posted on Reddit a letter received from the exchange by email. It states that in order to comply with the requirements of regulatory authorities, from 26th November 2021 Britons will no longer be able to buy and sell confidential cryptocurrency Monero on the Kraken exchange.

Instant buying and selling XMR in a trading pair with BTC, USD and EUR will also be unavailable. After 26th November, British Kraken users won’t be able to top up their balance with XMR, however, withdrawal to other wallets and exchanges will be possible.

UK regulators have recently lashed out at the crypto market due to increasing concerns about fraudulent transactions in the industry. Monero offers customers an unprecedented level of personal data protection. Yet XMR can be easily used for criminal purposes.

“It’s almost like we’re seeing, at least from a cyber criminal perspective, a resurgence…in Monero, because it has inherently more privacy than some of the other coins out there,” Rick Holland, chief information security officer at cybersecurity firm Digital Shadows, once said of Monero’s recent surge in popularity in ransomware space.

NO to anonymous crypto

From 23rd November, UK users won’t be allowed to increase margin positions in XMR on the exchange, but still will be able to close them. However, on 26th November, the exchange will forcibly close all margin positions and cancel all open XMR orders. 

The Kraken team apologised to its British users in the recent statement. “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,” the closing follows.

Due to Monero’s confidentiality, law enforcement agencies and other ‘interested’ parties can’t freely track transactions with XMR. States all across the globe fear that XMR could be used for tax evasion and illegal activities. Therefore, regulators in many countries are trying to suppress the use of anonymous cryptocurrencies. 

The only way out of the complete crackdown is for creators to build an appropriate control base. In many ways, the future of digital assets depends on a clear regulation that will allow investors to see the legitimate possibilities of crypto.

Last year, the ShapeShift exchange delisted XMR in order to comply with the rules of the Financial Action Task Force on Money Laundering (FATF). Earlier, the developers of Monero stated that the US Financial Crimes Enforcement Network (FinCEN) recommendations are suitable only for traditional assets, not for confidential cryptocurrencies.

The universal crackdown continues, as regulators across the world are gaining ground. This time the UK has taken the hit, as the Kraken crypto exchange decides to delist XMR for British customers. Monero trading will turn unavailable on 26th November. Try to seize the last 6 days of privacy and peace!

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Felix Meyer

Le trading et l'analyse technique sont mes spécialités depuis 4 ans. Je décortique le marché et vous partage mon expertise.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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