Privacy

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Privacy has become a very important issue in modern society, with companies and governments constantly abusing their power, more and more people are waking up to the importance of digital privacy.

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Kraken limiting Monero. Prelude to total delisting IMO (primal.net)

submitted 2 weeks ago* (last edited 2 weeks ago) by shortwavesurfer@lemmy.zip to c/privacy@lemmy.ml

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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.

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[–] chicken@lemmy.dbzer0.com 25 points 2 weeks ago* (last edited 2 weeks ago) (1 children)

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.

[–] shortwavesurfer@lemmy.zip 6 points 2 weeks ago (1 children)

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.

[–] chicken@lemmy.dbzer0.com 2 points 2 weeks ago (1 children)

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.

[–] shortwavesurfer@lemmy.zip 6 points 1 week ago

True. The Monero community was basically like, fuck you, we aren't changing anything. And if you don't like it, then tough noodles.