UK users may soon find it difficult to access Monero through one of the most popular crypto exchanges. The Bitcoin competitor has always raised concerns about its absolute privacy. Monero transactions cannot be tracked/traced, so it is the absolute privacy coin. It has been feared that Monero users will steal taxes.
The use of cryptocurrency as a criminal instrument is another concern. However, it is not clear if that is the case. This is a serious concern, as even countries that do not consider cryptocurrency illegal have begun to clamp down on it. Kraken recently removed access from UK residents due to regulations.
Delisting Monero Over Regulations
Kraken explained the reasons for delisting in an email that was sent to Reddit users. In the email, Kraken explained why it was delisting Kraken (Payward Ltd.) from its platform. This will occur in one week. The privacy coin will not be traded.
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Kraken sent an email announcing that the UK will be no longer able to trade Monero/XMR on its platform. Instant Buy/Sell Services and order book trading will be discontinued on the XMR/BTC/USD, XMR/EUR, and XMR/USD pairs.
UK customers will no longer be permitted to deposit Monero balances on Monero exchange after November 26th. But, Monero users can withdraw their entire Monero balance to another wallet or exchange.
Trading of XMR at $234| Source: XMRUSD on TradingView.com
Margin trading will also be affected. This change will gradually take effect. UK customers will not be allowed to expand their Monero margin positions, but can decrease it. The exchange will liquidate all open margin positions within three days and cancel any open orders on the 26th of November.
In closing, the Kraken team said; “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.”
Why the Crackdown?
Monero, one of few cryptocurrency that can guarantee absolute privacy for their investors is one. It is the preferred cryptocurrency for those who wish to control their money. As this Reddit user eloquently puts it, it’s “One of the few coins that truly makes your money your own. Security without compromising privacy, something that was unheard of only a few years ago.”
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Monero is an cryptocurrency that preserves the privacy element behind the creation. The investor is in control of the entire process and it makes it virtually impossible to see or interfere with the flow of funds. Furthermore, governments can not track this information so it cannot be taxed. This is why privacy coins have been banned to restrict their usage by residents.
Featured Image from Kraken Blog. Chart by TradingView.com