The world’s eighth-largest cryptocurrency exchange by trading volume, publicized it would be delisting privacy coin Monero (XMR) in compliance with regulations in the UK. The platform will stop all XMR trading activities, set XMR wallets to withdraw-only, and force-liquidate any existing XMR margin positions.
Through advanced cryptography, privacy coins like Monero obscure participants’ public wallet addresses and payment amounts when their transactions appear on the blockchain, making it questionable.
The growth of privacy coins such as XMR has been a debateable topic. Supporters claim that they provide users with better personal privacy than cryptos with universally-viewable ledgers like Bitcoin, knowing that individual’ public wallet addresses and transactions can’t be cross-compared with KYC information stored on exchanges to pierce the shroud of their identity.
As a result, privacy coins face scrutiny from cryptocurrency exchanges across the world. Last year, Coinbase refused to list XMR due to regulatory concerns. Earlier in this year, Bittrex delisted XMR, as well as leading privacy coins Zcash and Dash.
