Kraken is delisting Monero (XMR), the top privacy currency for UK users

It seems that UK users will soon be unable to access Monero on one of the leading cryptocurrency exchanges. Bitcoin competitors have always worried about the absolute privacy conferred by digital assets. So far, it is still impossible to track/track Monero transactions, making it the ultimate privacy currency, and the government is worried that individuals will use it to evade taxes.

Another problem is the use of cryptocurrency as a criminal tool, although there is no definite way to determine whether this is true. However, even countries where cryptocurrencies are not illegal are cracking down on cryptocurrencies, which is still high enough on the list of concerns. The latest is the United Kingdom, as regulations have prompted Kraken to cancel access to its citizens.

Monero delisted due to regulation

In the email sent to the user Publish to Reddit, Kraken outlined the reasons for the delisting. The email explained that the cryptocurrency exchange is trying to comply with UK regulations and therefore it will no longer support Kraken (Payward Ltd) on its platform. Delisting will occur within a week and will affect trading activities surrounding privacy coins.

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Kraken announced in an email that from November 26, UK users will no longer be able to trade Monero (XMR) on the platform. All trading activities will be stopped, including instant buy/sell services, XMR/BTC, XMR/USD and XMR/EUR pair order book transactions.

In addition to the suspension of trading services, after November 26, British users will also be banned from funding their Monero balances on the exchange. However, users will be able to withdraw all their current Monero balances to other wallets or exchanges.

XMR trading at $234 | Source: XMRUSD on TradingView.com

Margin trading is also affected and will take effect slowly. On November 23, UK users will no longer be able to increase their Monero margin positions on the exchange, but they can reduce it. Three days later, on November 26, the exchange will forcefully liquidate all open margin positions and cancel all open orders.

Finally, the Kraken team said; “We thank you for your understanding, and we apologize for any inconvenience caused to you. If you have any questions, please feel free to contact our support team.”

Why suppress?

Monero is one of the few cryptocurrencies that can provide investors with absolute privacy. This makes it the token of choice for investors who want to control their own funds.As this Reddit users To put it eloquently, it is “one of the few tokens that truly makes your money your own. To ensure security without compromising privacy was unheard of a few years ago.”

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Monero is a cryptocurrency that maintains the privacy components behind the creation of cryptocurrency. It puts investors in complete control and prevents third parties from intervening or viewing the whereabouts of funds, and because the government cannot track it, they cannot tax it. Therefore, crack down on privacy coins to restrict residents’ use.

Featured image from Kraken Blog, chart from TradingView.com

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