Brian Armstrong, the CEO of the crypto exchange Coinbase said that they won’t be listing privacy coins like Monero (XMR) as they’re still untested grounds for regulators in the United States. While talking to Peter McCormack on his podcast “What Bitcoin Did,” Armstrong said he wanted to take a more conservative approach with Coinbase so the exchange would pass the test of time. One of these issues was avoiding direct confrontation about privacy coins, including the privacy-centric coin Monero.
“As privacy coins become more accepted, Coinsebase would consider listing them.”
The CEO of Coinbase, Brian Armstrong, told the podcast host Peter McCormack that as privacy coins become more accepted, Coinbase’s team would consider listing them. “I think with enough time and education, people will get comfortable enough with it, he said.” He further noted that privacy coins would become more mainstream over time and maybe more privacy solutions on Bitcoin too. Several crypto exchanges have shown hesitation in listing privacy-centric coins like Monero (XRM) on their platform.
Privacy coins are tougher to trace for regulators.
Privacy-centric coins are tougher to track down by law enforcement agencies as compared to other decentralized cryptocurrencies. Monero has been available for trading on other major exchanges, including Kraken, for more than three years, and Binance since September 2019. However, South Korean cryptocurrency exchange Bithumb and Singapore-based exchange Huobi announced earlier this year that they would be removing XMR from their listings as the token faced allegations that it was used for criminal acts. The crypto industry has come a long way since its inception almost a decade ago and is emerging at an impressive speed.