29 November 2023
The Cryptocurrency Monero (XMR) is well-known for its confidentiality features. However, as this Crypto has become increasingly popular and then used, it has also attracted a fair amount of criticism, leading several platforms to blacklist it from trade. Not to fear, however, since several major marketplaces continue to support Monero trading.
Why is Monero Criticized?
It's not unusual for investors to protest the receipt of Cryptocurrencies, but Monero is a touchy subject. In spite of its popularity, there are many who choose to stay away from this resource. Keep in mind that Monero is almost untraceable as a currency. An individual's anonymity is limited on a traditional blockchain like Bitcoin. You may be identified by your public wallet address, which is available on the blockchain, but your actual name and contact information really aren't. That's not simple, but it can be done. But Monero hides wallet addresses and employs additional techniques like ring signs to protect its users' privacy. Despite having a reassuring ring to it, it may be misused by bad actors to hide their malicious digital behavior.
Since it is more difficult for authorities to track than Bitcoin, Monero has become a popular means of payment on the dark web. The popularity of Monero rises as more criminals learn about Bitcoin's transparency features. That's why some people see it as a potentially harmful resource. Monero itself is not illegal, however it is often used for criminal purposes. The fact that Monero cannot be used to reveal users' identity raises concerns from a regulatory perspective. Several people, however, worry that this poses a safety concern and might encourage further fraudulent activity and monetary trafficking.
Huobi, a prominent Cryptocurrency exchange, delisted Monero and numerous other privacy tokens in light of the recent debate around the Cryptocurrency. Huobi has taken Monero from the exchange's supported Cryptocurrencies list in order to be in line with international rules. Huobi did not mention any rules it was attempting to meet, but several people feel that the very existence of anonymity tokens is grounds for alarm.
Huobi, however, was not alone in making this choice. Bittrex and ShapeShift, two other major exchanges, have dropped service for Monero. Coinbase is just one of several markets that has refused from the start to support Monero or other privacy currencies like ZCash. Given that such a valuable commodity was delisted from many large exchanges, many people have been thinking about the moral as well as judicial boundaries of anonymity tokens.
Following are the 6 Crypto Exchanges that still list Monero (XMR) that you should take into consideration:
By far, Binance has the most users of any Cryptocurrency exchange. Since its launch by Changpeng Zhao in the middle of 2017, it has become one of the best well-known brands in the Cryptocurrency gaming industry. Binance is a Cryptocurrency exchange that offers more than 350 tokens, coins, as well as Ethereum-based tokens, such as ERC-20 tokens, stablecoins, as well as Monero. When you have signed up for Binance and confirmed your identity, purchasing Monero is a simple process that takes no more than a couple of minutes.
Kraken is a well-liked centralized Cryptocurrency exchange accessible from any computer or mobile device. Kraken is an exchange where you can buy and sell a wide variety of assets, like Monero. Once you've validated your identity, you'll be able to purchase XMR instantaneously on Kraken. Kraken, a Cryptocurrency exchange, stopped offering Monero to consumers in the United Kingdom in late 2021.2 This is something to keep in mind.
Since its introduction in the middle of 2016, Crypto.com has amassed an outstanding user base of over 60 million people. If you want to buy, sell, or trade Monero, this may be the best marketplace for you. In addition to supporting a wide variety of Cryptocurrencies, including Monero, Crypto.com also offers in-depth data and information on the assets it supports. To further inform your decision on whether or not to invest in Monero, it's worth, background, as well as position in the market have all been provided here.
The Seychelles-based OKX, which is previously known as OKEx, Cryptocurrency exchange facilitates transactions involving a broad variety of resources. You may purchase and sell Cryptocurrencies such as Monero on the OKX exchange. After passing OKX's additional authentication procedure, you'll have instant access to a certain XMR.
KuCoin is a digital money exchange that is centrally managed and located in Seychelles. KuCoin has recently been well known in the Cryptocurrency industry, therefore you have likely encountered it before. Plus, KuCoin may be the place to go if you want to get a Monero wallet. KuCoin facilitates XMR trades in 3 distinct pairings: BTC/XMR, ETH/XMR, as well as USD Coin/XMR.
Phemex, a Cryptocurrency exchange that launched in 2019 in Singapore, is our last recommendation presently. Phemex is a good Monero exchange that isn't as well-known as some of the others listed here. Identification validation is required to purchase Monero on Phemex, but once that's accomplished, the process is as simple as it would be on any other platform.
Despite widespread disapproval, it remains possible to acquire Monero. As an anonymous Cryptocurrency, Monero has certainly gotten into trouble. But it is still a legitimate property which may be exchanged. Unless you are curious about where to buy the most widely used anonymity currency, Monero, have a look at the exchanges I've provided earlier in this section. It's important to keep in mind that using a Cryptocurrency designed to maintain anonymity, such as Monero, is perfectly acceptable.
Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.