Monero (XMR) is a popular privacy coin known for its anonymity. But as this cryptocurrency has grown in popularity and prevalence, it has faced a good deal of controversy, which has led to some exchanges delisting it for trading.
But do not worry; Lots of popular exchanges still list Monero. So, who is still open to Monero trading?
Why Monero is criticized
It’s nothing new for crypto to receive pushback, but Monero is a particularly touchy subject among investors. Some love this property, while some stay away from it. But why is it so?
It is important to note that Monero is essentially untraceable. On a regular blockchain, such as bitcoin, you can hide your identity, but only up to a certain point. While your name and contact details will not be publicly displayed on the blockchain, your public wallet address, which is viewable, can be traced back to you. It is not easy to do, but it is possible.
On the other hand, Monero does not display wallet addresses and employs various protocols such as Ring Signatures to maintain user anonymity. While this sounds great, it can also be used by criminals to hide illegal online activity.
Monero is popular as a currency on the dark web because it is much more difficult for law enforcement to trace than bitcoin. As criminals become aware of bitcoin’s traceability, the demand for Monero payments increases. In that sense, some see it as a risk asset. While Monero is not illegal by any means, it is commonly used in illegal activities.
There are also regulatory issues surrounding Monero, as it does not provide a way to reveal identities to authorities. As a result, many see this as a security risk, which can lead to further fraud and money laundering.
Due to the controversy surrounding Monero, it was delisted by a major exchange, Huobi, along with several other privacy coins. Huobi delisted Monero to comply with global regulations. Huobi didn’t specifically mention the regulations it was trying to comply with, but many believe the privacy coins’ nature alone is enough to raise concerns.
But Huobi wasn’t alone in its decision. Other big names like Bittrex and ShapeShift also decided to stop supporting Monero. Some exchanges like Coinbase never listed Monero or other privacy coins like ZCash to begin with.
Such major exchanges delisting such large assets sparked much discussion about the legal and ethical parameters of privacy coins. But if you are still interested in Monero, where can you buy it?
Binance is the most popular cryptocurrency exchange in the world. Launched in mid-2017 by Changpeng Zhao, it has become one of the most well-known names in the crypto game.
Binance lists over 350 different cryptocurrencies, including ERC-20 tokens, stable coins, and of course Monero. Buying Monero on Binance is quick and easy and only takes a minute or two once you’ve set up your account and verified your identity.
Kraken is a popular centralized crypto exchange that you can use on your desktop or smartphone. Kraken lists over 120 different assets for trading including Monero. You can buy your chosen amount of XMR instantly on Kraken, as long as you verify your identity.
However, it is worth noting that Kraken delisted Monero for UK-based customers in late 2021. Therefore, if you are a UK customer, consider one of the other exchanges listed here.
Founded in mid-2016, Crypto.com has amassed an impressive user base of over 60 million users since its launch. And, if you want to trade Monero, this might be the exchange for you.
Crypto.com also provides in-depth statistics and information on its supported assets including Monero. Therefore, you can get a good idea of Monero’s price, history, and market dominance before making a purchase.
OKX (formerly known as OKEx) is a Seychelles-based crypto exchange that supports the trading of a wide range of assets. OKEx lists all the big names, including Monero, that you can buy or sell on the platform. Once you go through the identity verification process, you can get some XMR super quickly using OKEx.
It is important to note that OKX is not available for those living in the US. If this is the case with you, check out other options. But if you are not within the US, there is a good chance that you can still use OKEx, as it supports over 100 countries worldwide.