CEO Jesse Powell discusses the reasons why Kraken has delisted the popular altcoin Monero in the UK. Kraken is bowing to regulatory pressure and delisting Monero. What will the results be? Answer Cryptocoin. com
Popular altcoin delisted
Kraken CEO Jesse Powell spoke about the situation in the UK that led to the delisting of Monero. He implied that this was a decision he didn’t want to make, that he had to make it. Privacy tokens have been demonetized over the past two years, under Financial Action Task Force (FATF) directives. During this time, there have been many exchanges delisting privacy tokens. Last week, crypto exchange Kraken said it will end support for Monero for its UK customers:
On November 26, all Monero (XMR) transactions on Kraken will be suspended in the UK. This includes Instant Buy/Sell Services as well as order book transactions on XMR/BTC, XMR/USD and XMR/EUR.
While the crypto community is generally understanding of the situation centralized exchanges face, Powell said the move is likely to remain until we better understand the value behind Monero or develop more effective surveillance tools:
I hate to turn it down but I don’t think we’ll be approved to support Monero again in the UK until the regulator understands its value better or feels they have better surveillance tools.
Privacy cryptocurrencies like Monero are often slandered as the choice of cybercriminals or a means of money laundering and tax avoidance. But others see them as the last line of defense in protecting personal data and privacy. Those who hold this view tend to oppose the central oligopoly of the tech giants, portraying the situation as intrusive and parasitic. Ultimately, however, the efforts of the regulators may be in vain as decentralized exchanges will step in as the go-to place to acquire privacy tokens.