Kraken delists Monero (XMR) from its British platform, to comply with regulations

Monero (XMR) disappears from UK version of Kraken

The news was confirmed by users of the exchange platform, including on Reddit. Kraken sent an email to users in the UK explaining that Monero trading will cease as of November 26:

โ€œIn accordance with UK regulations, Kraken (Payward Ltd) will no longer support Monero (XMR) on its platform. “

Deposits will be deactivated on this same date, and users are encouraged to withdraw their XMRs to external wallets.

Kraken does not specify what regulation it is based on. It is also unclear whether the platform will extend this ban to other anonymous cryptocurrencies, such as Zcash (ZEC), which is still available to UK customers.

๐Ÿ‘‰ Learn more about the Monero Project (XMR)

A trend that will be confirmed?

The UK’s hostility to privacy currencies, and Monero in particular, is hardly a surprise. At the very beginning of 2021, the British tax body, the HMRC, offered a reward of 100,000 pounds (GBP) to anyone who managed to track cryptocurrency transactions, including those carried out in XMR, ZEC or DASH.

Other exchange platforms had started to break away from โ€œprivacy cornersโ€ in recent years. Last January, the Bittrex exchange announced that it would be removing Monero, Zcash and Dash from its platform. And several other companies had marked a distance from anonymous cryptos as early as 2019, following the FATF recommendations published the same year.

๐Ÿ‘‰ On the same topic – Dash is no longer an anonymous cryptocurrency

Monero: a king of anonymity that will exist in parallel?

All this complicates access to XMR, but the cryptocurrency remains of course available on decentralized platforms … Or on other centralized exchanges, including Binance and Bitfinex, but the list is gradually shrinking.

Some would say this is further proof of the viability of the Monero project, which is worrying enough to be removed from centralized platforms. Cryptocurrency is in any case not at its first controversy, having become the standard bearer of fans of anonymous crypto-assets.

For its part, the price of XMR does not seem to have been immediately affected by the news – at least, it is falling as much as its little comrades this weekend. An XMR is trading this morning for $ 230, with a capitalization of $ 4.1 billion.

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About the author: Marine Debelloir

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Deputy Editor-in-Chief on Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that arise from the blockchain and I like to find the most delicious information to share with you.
All articles by Marine Debelloir.

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