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Exchange Won’t List XMR Due to ‘Issue With Regulators’

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Brian Armstrong says Coinbase won’t be listing privacy coins like Monero (XMR) as they’re still untested grounds for regulators in the United States.

In a July 24 interview with Peter McCormack on his “What Bitcoin Did” podcast, Armstrong said he wanted to take a more conservative approach with Coinbase so the exchange would pass the test of time. One of these issues was avoiding direct confrontation about privacy coins including Monero.

Armstrong told McCormack, who referred to Monero as “the most credible privacy coin,” that as privacy coins become more accepted, Coinbase’s team would consider listing them:

“I think with enough time and education, people will get comfortable enough with it. Privacy coins will become more mainstream over time I hope, and maybe more privacy solutions on Bitcoin too.”

Associated with ransomware attacks

Though Bitcoin (BTC) is still the token of choice for some users of darknet sites and scams — e.g. the massive hack on verified Twitter accounts and continued use in fake crypto giveaways on YouTube — many criminals have left instructions for their victims to pay them in XMR instead. 

Cointelegraph reported on July 20 that hackers responsible for a Ransomware attack on Argentina’s largest telecommunications company demanded $7.5 million in XMR, or 100,000 tokens.

Coinbase not the only option

Monero has been available for trading on other major exchanges including Kraken for more than three years, and Binance since September 2019. However, South Korean cryptocurrency exchange Bithumb and Singapore-based exchange Huobi announced earlier this year that they would be removing XMR from their listings as the token faced allegations that it was used for criminal acts.



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Monero

Privacy coin Monero pumps 31% amid US taxation plans

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Coinciding with news that United States President Joe Biden’s proposed tax plan would require tax reporting on business transactions exceeding $10,000, the value of privacy coin Monero (XMR) climbed 31% on Friday.

Biden’s American Families tax plan would require exchanges and custodians to implement tighter reporting measures to help detect tax evasion and money laundering. Banks and financial institutions would also be required to report account inflow/outflow information to the Internal Revenue Service to help uncover unreported income.

The Treasury Department’s agenda, which was published on Thursday, stated that cryptocurrency business activity remained relatively small but was expected to increase in the next decade.

“Despite constituting a relatively small portion of business income today, cryptocurrency transactions are likely to rise in importance in the next decade, especially in the presence of a broad-based financial account reporting regime,” stated the report.

Just over 24 hours later, Monero led the charts among the cryptocurrency market capitalization top 100 with 31% growth. The coin price climbed from $230 to $304 overnight, adding to a now 84% rebound since Monero sank to a three-month low of $165 during Wednesday’s market crash.

Supplemental technologies that can anonymize the transactions of many well-known cryptocurrencies now exist, but Monero remains one of the few coins focused solely on privacy and is the largest of its kind by market cap.

Launched in 2014, Monero has since become a currency of choice on the drug markets of the dark web, replacing more well-known coins such as Bitcoin (BTC) in recent years. Blockchain analysis poses a threat to anyone using Bitcoin on the dark web, from drug dealers to anonymous journalists. Monero transactions cannot be traced in the same way. The technology has drawn the attention of government agencies worldwide, many of which have offered bounties to anyone who can make the opaque cryptocurrency transparent.

Google Trends data shows that Monero search interest has increased by close to 1,000% in the past year, as the coin price rose 1,300% from March 2020’s valuation of $34. Despite the surge in interest, historic search queries remain a quarter of what they were in December 2017, when Monero’s presence in the market cap top 10 gave it a more visible position in the cryptocurrency shop window.