Jesse Powell addresses reasons for Kraken dropping Monero in the U.K |
Jesse Powell, CEO of cryptocurrency exchange Kraken addresses the reasons for not adding Monero trading pairs in the U.K., saying “We would like to offer our apologies and hope that you will continue using us.”
Jesse Powell has addressed the reasons for Kraken dropping Monero in the U.K. He says that this is a temporary situation and he will be back soon with a better price. Read more in detail here: kraken coin price.
Jesse Powell, the CEO of Kraken, appeared to Reddit this week to clarify the circumstances surrounding Monero’s delisting in the United Kingdom.
He hinted that it was a choice he didn’t want to make, but that he was compelled to make because of the “broader business” in the United Kingdom.
“Unfortunately, we have to select our fights and keep an eye on the country’s overall business.”
Over the last two years, privacy tokens have been maligned as a result of Financial Action Task Force (FATF) recommendations. Over the course of this time, numerous exchanges have delisted privacy tokens as a result of this.
Powell discusses why Kraken decided to abandon Monero.
Last week, crypto exchange Kraken said that it will no longer offer Monero for its UK clients in a business email that was posted on Reddit.
“On November 26th, all Monero (XMR) trading on Kraken will come to an end in the United Kingdom. On XMR/BTC, XMR/USD, and XMR/EUR, this covers Instant Buy/Sell Services as well as order book trading.”
While the crypto community is largely sympathetic and understanding of the centralized exchanges’ plight, Powell thought it was essential to elaborate.
He believes the shift will be permanent until UK authorities have a better understanding of Monero’s worth or more effective monitoring technologies are created.
“I hate to say no, but I don’t think we’ll be permitted to offer Monero in the UK again until the regulator has a greater understanding of its usefulness or believes they have better monitoring capabilities.”
Powell went on to say that Kraken would continue to offer Monero and other privacy currencies in as many countries as feasible. With that, he urged the crypto community in the United Kingdom to contact their local MP to express their dissatisfaction with the inequitable handling of privacy coins.
Is it going to make a difference in the long run?
Monero and other privacy currencies are often criticized as the preferred cryptocurrency of cybercriminals or as a tool of money laundering and tax evasion.
Others, on the other hand, consider them as the final line of defense in terms of preserving personal information and privacy. Those who share this viewpoint are often opposed to the centralized oligopoly of technology behemoths, seeing the situation as invasive and parasitic.
“They seem to control so much technology, stretch the boundaries of privacy, and eventually commoditize people’s ideas, thoughts, and behaviors.”
Regulators’ efforts may, in the end, be for nothing, since decentralized exchanges will likely take over as the primary source of privacy tokens.
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Jesse Powell, the CEO of Kraken, addresses the reasons for Kraken dropping Monero in the U.K. He also discusses how he feels about Monero’s future and their plans to support it moving forward. Reference: monero news.