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Australian exchanges delist privacy coins amid Chainalysis integration

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Pressured by external forces, two Australian exchanges have begun to delist a number of privacy coins including Monero (XMR) and Bytecoin (BCN).

On August 24, YouTuber Alex Saunders tweeted a screenshot of what appears to be an announcement from the Australian exchange, Coinspot. This announcement seemed to suggest that several privacy coins were going to be delisted by August 31:

Source: Twitter.

Another Twitter user alleged that CoinSpot was not the only one planning to delist privacy coins, claiming that Swiftx, another Australian exchange, was planning to do the same. 

On the same day, Chainalysis announced that it was partnering with CoinSpot and Coinjar “to improve compliance standards”. It appears that neither exchange has confirmed the impending delistings. Cointelegraph contacted CoinSpot’s customer support asking whether Monero was going to be delisted. A representative from the company replied, confirming the news while also alluding to the reason behind the decision:

Since we began operating in 2013 we have faced many instances in which pressure from external institutions have attempted to stifle or restrict our business. In each of these instances we have always worked hard to coordinate the best possible outcome for our members. We do not take these decisions lightly as we do believe that cryptocurrency trading services should be as accessible as possible to all Australians.

The representative assured that there will be no forced trading of assets, and users will still be able to withdraw their coins.

One of the currencies that was originally marked for removal by CoinSpot was Komodo’s KMD. However, Komodo was convinced that this was an error as KMD’s privacy feature has been disabled for a long time according to the project’s CTO Kadan Stadelmann:

Komodo does not have the privacy feature enabled for a long time. We have a legal opinion backing this claim. So although the Komodo Platform does offer privacy tech, the Komodo Token (KMD) itself does not offer privacy technology.

Stadelman confirmed to Cointelegraph that the issue has since been resolved and KMD will not be delisted from CoinSpot. AtomicDEX, a decentralized exchange that is built on Komodo’s technology, currently lists Zcash, but not Monero.

Major exchanges have no intention of jeopardizing their businesses in order to make these assets available to the users.





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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.