UK users of the Kraken cryptocurrency exchange will no longer be able to trade XMR from November 26th. Kraken has taken these steps to comply with UK regulatory requirements.
Kraken user from UK
published on Reddit the letter received from the exchange by email. It states that in order to comply with regulatory requirements, from November 26, 2021, the British will no longer be able to buy and sell the confidential Monero cryptocurrency on the Kraken exchange.
XMR instant buy and sell services paired with BTC, USD and EUR will also be unavailable for them. After that date, UK users of Kraken will not be able to top up their balance in XMR, but will be able to withdraw this cryptocurrency to other wallets and exchanges.
Additionally, UK users will not be able to increase their XMR margin positions on the exchange from 23 November, but they will still have the option to reduce them. However, on November 26, the exchange will forcibly close all open margin positions and cancel all open orders from XMR. The Kraken team has apologized to users for any inconvenience caused.
Due to the confidential nature of XMR, law enforcement and other “interested” parties cannot trace transactions with this cryptocurrency. Governments fear the XMR could be used for tax evasion and illegal activities. Therefore, regulators in many countries are trying to “suppress” the use of anonymous cryptocurrencies.
Last year, ShapeShift delisted XMR due to the fact that the cryptocurrency does not comply with the rules of the International Financial Action Task Force on Money Laundering (FATF). Earlier, Monero developers stated that the recommendations of the United States Financial Crimes Enforcement Network (FinCEN) are only suitable for traditional assets, but not for confidential cryptocurrencies.
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