Kraken delisting Monero in EU adds just 1 hop to the end user

[MeGold666]

In this example I use LTC as it has low network tx fee's but you can use whatever you like that's listed on Kraken and supported by Cake Wallet.

Buying:

• Buy LTC on Kraken
• Withdraw to Cake Wallet
• Exchange to XMR

Selling:

• Exchange XMR to LTC in Cake Wallet
• Transfer to Kraken
• Sell LTC

[Charles-Tim]

You can also click on monero on Coingecko or Coinmarketcap and then click on exchanges or market respectively on the site, you will see many exchanges that are still have monero pairs.

Also there are many other exchanges that are not listed but supporting monero P2P transaction. I mean exchange monero to fiat and fiat to monero on such exchanges.

[MeGold666]

You can also click on monero on Coingecko or Coinmarketcap and then click on exchanges or market respectively on the site, you will see many exchanges that are still have monero pairs.

Also there are many other exchanges that are not listed but supporting monero P2P transaction. I mean exchange monero to fiat and fiat to monero on such exchanges.

Or you can just use DeX but this post was meant for people who still want to use Kraken for buying / selling Monero and you can do so indirectly by adding one easy hop.

[Helena Yu]

What exactly are you doing

You're using Kraken to buy and sell your coins, there's no point at all since the purpose of using Monero is for privacy. So, I don't get with what you say.

In Monero they have no way to know the trace of your coins, if you're using other coins, at least they can know if your coins are linked with x address which associated with no KYC exchange.

[MeGold666]

What exactly are you doing

You're using Kraken to buy and sell your coins, there's no point at all since the purpose of using Monero is for privacy. So, I don't get with what you say.

In Monero they have no way to know the trace of your coins, if you're using other coins, at least they can know if your coins are linked with x address which associated with no KYC exchange.

I deal with high amounts and it's good to have your FIAT money coming from a regulated place in this scenario. I don't need money laundering case in my life.
Another problem is with liquidity on DeX and smaller exchanges.

[MAAManda]

What exactly are you doing

You're using Kraken to buy and sell your coins, there's no point at all since the purpose of using Monero is for privacy. So, I don't get with what you say.

Since Monero (XMR) is banned on some reputable exchanges, @OP made the best scenario he knows to help people here that they don't have to go to random exchanges that have high transaction fees. I think this is a useful topic even if it seems to lose context on what the coin is supposed to be used for, again, at least he has good intentions with his educational topic .

[MeGold666]

Since Monero (XMR) is banned on some reputable exchanges, @OP made the best scenario he knows to help people here that they don't have to go to random exchanges that have high transaction fees. I think this is a useful topic even if it seems to lose context on what the coin is supposed to be used for, again, at least he has good intentions with his educational topic .

Glad you understand it It's mainly for people who already use Kraken and don't want to change it for various reasons.
Remember: Monero if truly fungible, it doesn't matter if you get it from KYC exchange or from a dealer in dark alley, once you transfer it to your wallet, it can be used privately as if you have mined it yourself.

Monero can't be stopped on CeX because you would have to delist ALL cryptocurrencies that are interchangeable with Monero - Including Bitcoin.
What this regulators have done is made Monero stronger by eliminating price manipulations by exchanges that sold "paper" Monero.

[el kaka22]

They are not trying to prevent you to buy or sell monero, they are trying to just make sure you do not do something illegal that they allow. Monero might be fine, or might be illegal, you may do something nice with it and buy your mom a flower, or you may buy drugs and sell it to kids, we have no idea. So they ban it, to make sure they save their own interest, which is why I believe we are going to see this growing to be something much better, we can't have anything marginally better at times.

All the above, basically I worry a lot about government intervention into our privacy but at the same time, we cannot ignore that untraceable coins are kin for illegal activities. It means I feel like bitcoin as a open leger based coin is more than enough compared to monero like privacy protecting coins. All in all, we need to focus on how to get better reality with time, we just need to focus on how to get greater results and do fine with the money we make without worrying about what government says, they don't actually care.

[crwth]

I think there are some chain analytics that could be done with your LTC. If something comes in and could be related to the swap, it can be connected to you in some way, especially if it is from something illegal. I don’t think it’s a problem to swap and then deposit it in a different currency; it’s just that they don’t want XMR to be their platform. It might be regulations, but it’s still up to them.

[MeGold666]

They are not trying to prevent you to buy or sell monero, they are trying to just make sure you do not do something illegal that they allow. Monero might be fine, or might be illegal, you may do something nice with it and buy your mom a flower, or you may buy drugs and sell it to kids, we have no idea. So they ban it, to make sure they save their own interest, which is why I believe we are going to see this growing to be something much better, we can't have anything marginally better at times.

Then why they still allow EUR, USD, and other FIAT currencies when they are still the most used ones for all the bad things ?
FIAT money is physically tainted with drugs, blood and feces. It's so dirty I have to wash my hands every time I touch any of it.

Money, no matter in what form (even CBDC) will always be used by criminals, fungible money like Monero is making sure our hands don't get dirty in the process because someone else before us used it for crime.
The world is not black and white, the "illegal" sticker can be put on anything by the government - even on supporting homeless people.

I think there are some chain analytics that could be done with your LTC. If something comes in and could be related to the swap, it can be connected to you in some way, especially if it is from something illegal. I don’t think it’s a problem to swap and then deposit it in a different currency; it’s just that they don’t want XMR to be their platform. It might be regulations, but it’s still up to them.

Kraken has publicly expressed many times that they love Monero, so it's not that they don't want it - they were forced by the EU regulations written by people who want CBDC to be the only currency while allowing some transparent blockchains that they can surveil.

As for LTC - it's only a proxy, once you go to Monero chain, you're free.

If they choose to suspend people who swap, that's their choice. They will lose a lot of business and people will go to DeX, Serai will soon be released with it's liquidity-pool, it will be game over for CeX.

No biggie.

[d5000]

All the above, basically I worry a lot about government intervention into our privacy but at the same time, we cannot ignore that untraceable coins are kin for illegal activities. It means I feel like bitcoin as a open leger based coin is more than enough compared to monero like privacy protecting coins.

The problem is that with "open ledger based" coins it's getting increasingly difficult to transfer privately. Some exchanges even consider CoinJoins "high risk" now and refuse deposits from these sources. This means that many users without much technical understanding are basically now transacting in full sight.

So government measures against Monero and other privacy coins should be energically rejected. Criminal use of cryptos, including privacy coins, is drastically overestimated.

Just to clarify one misunderstanding: The EU did still not ban exchanges from offering Monero. This "ban" will likely however be part of the AMLR package which is to come into force in 2027. The wording suggests that while privacy coin accounts should still be possible, they must be accompanied with stricter KYC/AML measures. But due to the MiCa regulations which already are in force, Kraken has transferred their EU operations to some other fintechs with MiCa license, and these seem to "preventively" already restrict privacy coins.


Good resources to find lesser known exchanges supporting Monero are also kycnot.me and OrangeFren.

Edit: some smaller mistakes corrected. AMLR was already approved but indeed comes fully into force in 2027.

[kamalsharma100]

Everybody is aware of the fact that fiat currency is at least millions (if not billions) times more used for crimes than the cryptocurrencies, and it is fiat which should be banned, but government tries too hard to put ban on cryptos so as just to safeguard their own currency, interests and it's own scams.  It is same situation in almost every nation over the world