Kraken giving privacy coins the boot for Australian residents

[gentlemand]

It seems slightly hard to find an official announcement on this but people are posting emails from Kraken to them telling them that Dash, ZEC and XMR won't be tradeable for Australian residents after today.

https://www.reddit.com/r/dashpay/comments/ij8xir/kraken_to_stop_deposits_and_trading_for_dash_xmr/

https://www.reddit.com/r/Monero/comments/ij54zr/kraken_ceasing_trading_in_monero_for_australian/

Do we reckon this is their banking partners or something from government?

[bitmover]

It seems slightly hard to find an official announcement on this but people are posting emails from Kraken to them telling them that Dash, ZEC and XMR won't be tradeable for Australian residents after today.

https://www.reddit.com/r/dashpay/comments/ij8xir/kraken_to_stop_deposits_and_trading_for_dash_xmr/

The first post is already deleted by the moderator.
Weird....

Do we reckon this is their banking partners or something from government?

It is sometimes hard to distinguish both intentions (banks/governments)

Bank participate in regulations by doing lobbies... they also are have regulated and that must be hard to comply with all governments rules...

Personally, I don't see much future in those privacy coins. I think the idea is amazing, but in real world it is going to be something like a deep web money.

I think bitcoin, if used properly, can provide enough privacy for common people. And those privacy coins may be a great gain for criminals and a small gain for common people. The cost is bigger than the gains. That is just my personal opinion for now, and I may change it in the future...

[The Sceptical Chymist]

Personally, I don't see much future in those privacy coins. I think the idea is amazing, but in real world it is going to be something like a deep web money.

But even if you're using crypto for things that aren't illegal and/or aren't found on the dark web, what's wrong with complete privacy (or as much privacy as these privacy coins can give you)?

I also think the concept is amazing, and it's one of the things that's perplexed me in the last couple of years, i.e., why coins like Monero, PIVX, Dash, and whatever else is considered a privacy coin haven't caught on with investors--even most altcoin owners seem to not be too enthusiastic about them. 

I just took a look at Kraken's website, and I couldn't find any info as to where they're incorporated.  Is it Australia?  For some reason I thought they were based out of the US.  But as far as to why they're dropping the coins mentioned in the OP, I'd imagine it's because of the government and not a request from banks.  It's the governments that have a hard-on about money laundering and dark web use, not the banks IMO.  In any case, this is kind of a sucky precedent that I hope doesn't spread.

[hugeblack]

I do not think that the government has entered into this matter, if this quote is correct, then this is the reason:

While we do not consider the suspension of service to be permanent, there is currently no plan or timeline for resuming service. At the present time we do not have full support for these assets from all of our commercial partners in Australia, and thus would have to suspend other important services if we continued to allow trading in the assets.

https://old.reddit.com/r/dashpay/comments/ij9o6e/kraken_ceasing_trading_in_dashxmrzec_for/

All orders have been canceled, but withdrawal are possible, which means that they do not have an additional balance of those assets or that some do not want them to continue supporting those assets.

users have enough time to cancel them orders.

[bitmover]

But even if you're using crypto for things that aren't illegal and/or aren't found on the dark web, what's wrong with complete privacy (or as much privacy as these privacy coins can give you)?

I think that the problem is that common people do not really need a privacy in a higher level than a bitcoin mixer can offer. If i mix my coins, they are worth a few thousand dollars at the most.

The limitations of a mixer comes when you are mixing millions and millions of dollars, and that's where privacy coins do well against bitcoin.

Who needs complete privacy coins to get "clean" millions of dollars are terrorists, drug dealers, politicians who rob money and need to laundry it, and so on... Those things can really destroy societies (just take a look at third world countries).

[gentlemand]

I also think the concept is amazing, and it's one of the things that's perplexed me in the last couple of years, i.e., why coins like Monero, PIVX, Dash, and whatever else is considered a privacy coin haven't caught on with investors--even most altcoin owners seem to not be too enthusiastic about them.  

Cos 99% of people here are only interested in more dollars.

That's the mistake XMR heads make. Many seem to think the rest of the world cares about what they care about. They do not. Not sure I'd count Dash or ZEC as proper privacy coins. XMR will no doubt have a future. I doubt it's going to be anywhere near top tier/sellout markets.

[malevolent]

I just took a look at Kraken's website, and I couldn't find any info as to where they're incorporated.  Is it Australia?  

I think it was Delaware, although they have some sort of legal presence in many other countries/places (UK, Canada, Singapore, California, Japan at the top of my head). It's probably enough for them to have an Australian bank account to be forced to limit their services to Australian customers.