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Highlights
- Recently, Kraken has decided to delist Monero for its UK customers from November end.
- Kraken stated that the crypto exchange wanted to function as per the UK’s Financial Conduct Authority rules.
- According to CoinMarketCap, the XMR is trading at US $238.32 with a 24-hour trading volume of US $165,711,456.
Privacy coins, despite their benefits of keeping the users’ information private, have often been viewed as coins that come with their share of risks. Today, investors are cashing in on the growth that Monero, ZCash, DASH coins that have seen tremendous growth over the years despite the linked risk factor.
But due to compliance regulatory issues in some countries, these coins have to shut down their business. The latest one to do so is the world’s eighth largest crypto exchange Kraken, which has now decided to delist Monero for its UK customers from November end.
How Kraken’s delisting of Monero will affect UK customers
As per the latest update, Kraken will be stopping all its trading activities for privacy coins from 26 November and will only allow XMR wallets to withdraw-only facility. The rest are expected to be liquidated after 26 November.
Also read: Will Crypto.com coin (CRO) touch $5 level by 2022?
Will UK customer lose their money?
Kraken stated that it wanted to function as per the norms of the UK’s Financial Conduct Authority. From Tuesday, the UK customers will not be able to increase their margins and they can only reduce it from this point. This could hurt the investors who already have taken the margin at a rate that could be lower than their expectations. The reduction of margin would hamper the gains that the investors have already made, and the liquidation could cause them huge losses.
Even though the privacy coins do come with its fair share of risks, but they still are a popular tool to investment. The investors believe that since they provide more privacy than Bitcoin, where the wallet addresses are clearly mentioned, the information leakages are possible.
Also read: Crypto, cryptography, Cryptocurrency: What’s in a name?
Should you still invest in Monero?
Monero is ranked 44 on CoinMarketCap. According to CoinMarketCap, the XMR is trading at US $238.32 with a 24-hour trading volume of US $165,711,456. At the time of writing (BST 11:00 am), XMR was down by up by 2.55% in the last 24 hours with a live market cap of US $4,297,734,879 with a circulating 18,033,598 XMR coins.
As per market experts, XMR can be a good investment option for long term. They expect that XMR crypto has the capacity to register gains by +308.45% in the next five years with the price expected to reach to $410 by 2026.
