Brain Armstrong, CEO of Coinbase, said that the exchange will not be listing Monero (XMR) for now, due to regulatory concerns.
Speaking in an episode of ‘What Bitcoin Did’ with Peter McCormack, Armstrong says that US regulators have not fully accepted privacy coins such as Monero. The CEO is being careful about listing certain assets as said assets could eventually end up at loggerheads with regulators.
The CEO plans to reconsider listing Monero later in the future when regulators are satisfied with the asset. He said:
“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.”
Although Monero is not the most popular or largest crypto by market cap, it is slowly becoming the crypto of choice for hackers and fraudsters. On July 19, Argentina’s biggest Telecom company got hacked using ransomware. The hackers demanded $7.5 million worth of Monero (XMR).
While Monero may have found a home with exchange giants Binance and Kraken, Bithumb and Huobi announced plans of delisting the privacy coin. The decision was made following problems with trading volumes and anonymity functions.
Also, in September last year, a report said cybercriminals had pulled in $100,000 worth of illicit Monero.
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