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lemmy - Link to source

Kraken limiting Monero. Prelude to total delisting IMO

Edit:

We can also guess they're playing fractional reserve games with Monero.

  • Deposit limit: 10.8 xmr/mo
  • Withdraw limit: 4.6 xmr/mo

The fact that they're letting you deposit double what you can withdraw means they don't have enough Monero on their books to make it up for everybody. Otherwise, the deposit and withdraw amounts would be equal.


Soul Reaver

Kraken will be limiting #Monero #XMR deposits and withdrawals:
primal.net
#privacy
This entry was edited (1 week ago)
in reply to shortwavesurfer

rijom
lemmy - Link to source
rijom
• •
What’s the story here? Why would they want to delist?
in reply to rijom

chicken
lemmy - Link to source
chicken
• •

Monero is private by default, and lacks ways to make exceptions to that privacy for governments. They don't like that, because they want to spy on people's finances, and have been both banning it directly and putting pressure on exchanges to get rid of it. For instance a few years ago the US government got Binance to delist it as part of the settlement terms of a lawsuit against them. Kraken is a US company and is the only centralized cryptocurrency exchange left that both offers Monero and will let you withdraw/deposit US dollars.

The text in the email says a lot:

These limits are being introduced as part of Kraken's ongoing efforts to maintain risk-based compliance controls while continuing to support XMR trading and transfers.


Emphasis mine, they are doing it to try to keep the government happy, government does not like financial privacy.

This entry was edited (1 week ago)
in reply to chicken

shortwavesurfer
lemmy - Link to source
shortwavesurfer
• •

The user can do things transparently if they want to in Monero, but it's not by default, obviously.

We already have public view keys.

in reply to shortwavesurfer

chicken
lemmy - Link to source
chicken
• •
There are view keys, but that wasn't considered to be enough when Binance was demanding more access to fulfill their new compliance requirements and other privacy coins were making changes to give it to them.
in reply to chicken

shortwavesurfer
lemmy - Link to source
shortwavesurfer
• •
True. The Monero community was basically like, fuck you, we aren't changing anything. And if you don't like it, then tough noodles.
in reply to shortwavesurfer

nibbler
lemmy - Link to source
nibbler
• •
The fact that they’re letting you deposit double what you can withdraw means they don’t have enough Monero on their books to make it up for everybody. Otherwise, the deposit and withdraw amounts would be equal.


That conclusion does not follow from the limits alone. Deposit and withdrawal limits are operational policies, not a statement of the exchange’s Monero reserves. They can be asymmetric for many reasons, including compliance requirements, fraud prevention, or liquidity management.

A lower withdrawal limit might justify asking questions, but it is not evidence by itself that the platform is running a fractional-reserve scheme. To establish that, you would need information about its liabilities, on-chain reserves, withdrawal delays, failed withdrawals, or other evidence of a shortfall.

in reply to shortwavesurfer

CashDragon
lemmy - Link to source
CashDragon
• •

Get familiar with BitcoinCash and CashFusion. It Provides pretty much as good privacy as Monero in 99% of cases and BCH is available on all exchanges.

How to anonymize Bitcoin Cash with CashFusion - bitcoiniscash.org/bitcoin-cash…


How to anonymize Bitcoin Cash with CashFusion

Bitcoin Cash has an optional privacy protocol that breaks on-chain tracing — fused coins' origin becomes unknown . This guide explains what CashFusion is, how to use it and how to remain anonymous afterwards.
Bitcoin Cash
⇧