In brief
- Coinbase CEO explained on a podcast why the exchange hasn’t listed Monero.
- CEO Brian Armstrong said regulators have expressed discomfort with privacy coins.
- He said they have a more conservative approach to listing than Binance or Kraken.
Monero (XMR) is currently the 16th-largest cryptocurrency, according to CoinMarketCap, with a total market capitalization of nearly $1.27 billion, and exchanges such as Binance and Kraken list it. Why not Coinbase, then?
According to CEO Brian Armstrong, it’s not simply a matter of preference. Appearing on the What Bitcoin Did podcast this week (via U.Today), Armstrong made that very clear to host Peter McCormack: “I would personally like to list it,” he affirmed.
However, Armstrong suggested that US regulators are uncomfortable with privacy-centric coins. While the government hasn’t made any sort of proclamations as to coming enforcement or issues with Monero or other coins, Armstrong said that a mix of conversations with regulators and internal risk assessments has kept them away—for now, at least.
“A lot of it is behind-the-scenes conversations where [regulators] are kind of saying: ‘We very much don’t think you should do this,’” Armstrong recalled. “And then we have the conversation: ‘Well, are you telling us that you don’t like it, or are you telling us that you are going to sue us if we do it?’”
According to Armstrong, legal disputes with regulators are part and parcel with being a financial services business, and it’s something they’re willing to engage in at times. However, it can be costly, and they’re not looking to pick every pricey fight that comes their way.
“It’s kind of just part of doing business, but it’s expensive. And it harms the relationship, right? So you need to kind of pick your battles,” he said. Sometimes, the internal calculus suggests that it’s better off not engaging. “We don’t know if this is a hill we want to die on, and we have to make a lot of tough calls like that,” Armstrong added.
Armstrong believes that regulators will become more comfortable with privacy coins over time, much as they did with Bitcoin—which he now said is “like GE stock or something: it’s the most tried and true thing.” But while other exchanges might be willing to list Monero and similar coins, he said Coinbase is being a little more careful and keeping its eye on the future.
“Compared to some of the other exchanges out there that are probably being a bit more aggressive, we have a little bit more of a conservative approach,” he said. “I want us to be a company that stands the test of time and doesn’t get taken out by some kind of enforcement action, or a cascade of events. I’m playing for the long term here.”
Armstrong covered many topics over the course of the nearly two-hour conversation with McCormick, including admitting that Coinbase’s acquisition of blockchain analytics platform Neutrino was “a mistake” and one they didn’t do enough cultural diligence on.
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FAQs
Monero (XMR) is not tradable on Coinbase.
Why doesn't Coinbase have XMR? ›
Brian Armstrong says Coinbase won't be listing privacy coins like Monero (XMR) as they're still untested grounds for regulators in the United States.
Why Monero can't be traced? ›
The sender, receiver, and amount of every single transaction are hidden through the use of three important technologies: Stealth Addresses, Ring Signatures, and RingCT. Because every transaction is private, Monero cannot be traced.
Why is Monero untraceable? ›
Monero uses a feature called ring signatures, which obscure the sources of funds so that they are virtually untraceable to the parties involved in the transfer. The ring signature ensures that every Monero transaction between two parties is grouped with multiple transactions that occur among other unrelated parties.
Does Monero have a future? ›
Our most recent Monero price forecast indicates that its value will increase by 2.38% and reach $164.15 by July 21, 2024.
Is buying Monero from an exchange anonymous? ›
Monero (XMR), a privacy-centric cryptocurrency, is renowned for its robust anonymity features. This focus on privacy precludes traditional Decentralized Exchanges (DEXs) from directly supporting XMR, as these exchanges typically require transparency for optimal functionality.
What chain is XMR on? ›
XMR is the native cryptocurrency of the privacy-focused blockchain network Monero. Monero was introduced in 2014 on the Bitcointalk form by a user named “Thankful_for_today” as a fork of Bytecoin. Today, Monero is an open-source project maintained by a decentralized developer community.
Does Kraken support Monero? ›
You can buy Monero on Kraken's crypto platform. Create your free account and connect a funding method to buy over 200 cryptocurrencies including XMR. Kraken makes it quick and easy to get started.
Where to buy XMR in the USA? ›
You can buy Monero with a credit or debit card on a crypto exchange like Coinbase or Coinmama. You'll need to create a Monero wallet (an account) and get it approved before being able to buy. Can I buy Monero in Ledger Live? You can find the list of coins you can buy through Ledger Live here.
Can the FBI track Monero? ›
Privacy Coins: Privacy-focused cryptos like Monero and Zcash have carved a distinct niche within the digital currency landscape. These coins utilize advanced cryptographic techniques prioritizing user anonymity and rendering transactions private and untraceable.
Monero (XMR) is the undisputed king of privacy-focused cryptocurrencies. Launched in 2014, it has established itself as the most private, secure and untraceable digital currency available. Monero's advanced privacy features make it virtually impossible to trace transactions or connect them to individual users.
Why is Monero banned? ›
Due to its perceived untraceablity Monero is gaining increased use in illicit activities such as money laundering, darknet markets, ransomware, cryptojacking, and other organized crime. The United States Internal Revenue Service (IRS) has posted bounties for contractors that can develop Monero-tracing technologies.
Why is Monero being delisted? ›
"When a coin or token no longer meets this standard, or the industry changes, we conduct a more in-depth review and potentially delist it. We believe this best protects all our users." The price of Monero's native coin, XMR, has fallen by more than 15% on the news of the delisting.
Can I see who sent me Monero? ›
Monero transactions are private: people watching the blockchain will not know important details of your transaction, like sender address, amount and recipient address. The recipient of your payment will know all details of the transaction, except the sender address (your wallet address) and transaction description.
How secret is Monero? ›
Stealth addresses
In Monero, the funds are not linked to a particular public address. Participants still use public keys, but they are only used by the sender to create one-time addresses. The receiver can unlock the funds sent to these one-time addresses using a secret key which only the receiver knows.
What exchanges is Monero on? ›
Monero Exchange listings
| Exchanges | XMR price | 24h trade volume |
|---|
| 1 Gate.io | $ 159.59 | $ 12.44 million |
| 2 KuCoin | $ 159.62 | $ 4.24 million |
| 3 HTX Global | $ 159.58 | $ 3.57 million |
| 4 Kraken | $ 159.62 | $ 3.55 million |
18 more rowsThe first wallet discussed is the Ledger Nano, which is a secure hardware wallet and one of the most popular options on the market. It supports Monero and other cryptocurrencies, and its private keys never leave the device, ensuring high security.
What crypto is listed on Coinbase? ›
Over 150 crypto assets can be traded on the online platform, including popular options like BTC, ETH, AVAX, SOL, ADA, USDC, DOGE, MATIC and USDT.
What does Coinbase track? ›
Coinbase Exchange provides open and filled order history, as well as deposit and withdrawal history. You can also generate and download statements for any of your crypto wallets.
