Kraken, the 8th largest cryptocurrency exchange in terms of trading volume in the world, decided to remove XMR from its platform. The decision to remove the privacy-focused cryptocurrency Monero from the platform will affect crypto users living in the UK.
According to Kraken's decision; all XMR trading activity will cease and XMR wallets will be set to withdraw only. After November 26, XMR margin positions will be liquidated.
Privacy-focused cryptocurrency Monero (XMR) largely hides its users' transactions, public wallet addresses, and payment amounts, making it harder to track.
The development of privacy-oriented cryptocurrencies is always discussed in the cryptocurrency market. Critics claim that such tokens are effectively used in illegal activities such as drugs, tax evasion, money laundering, thereby reducing the reputation of the cryptocurrency.
In this direction; Last year, Coinbase refused to list XMR. In addition to XMR, Bittrex has also delisted other leading privacy-focused cryptocurrencies Zcash (ZEC) and Dash.
According to CoinGecko, the current combined market cap of all privacy cryptocurrencies is around $15 billion.