Coinbase explains why it won’t list Monero (XMR)

on Jul 27, 2020
Updated: Oct 4, 2022
  • Coinbase CEO recently spoke about why the exchange will not list Monero in a foreseeable future.
  • He said that XMR does not appeal to regulators due to its role in high-profile hacks and scams.
  • While Coinbase aims to remain strict about this, for now, XMR is still available on Binance and Kraken.

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Coinbase exchange still offers an incredibly low number of cryptocurrencies. At least when compared to other major exchange platforms, such as BitMEX or Binance.

While the exchange did work on improving its offering over the last few years, some major popular coins are still missing. Privacy coin Monero (XMR) is a good example of this. However, according to Coinbase’s recent explanation, this is not going to change anytime soon.

Coinbase CEO explains why Monero is not coming

The explanation actually came from Coinbase’s CEO, Brian Armstrong. Armstrong recently appeared on “What Bitcoin Did” podcast, where he discussed the matter with the host, Peter McCormack.

He said that Coinbase will not list Monero, or any other privacy coin, due to the lack of regulatory clarity. He also added that Coinbase aims to avoid problems with the regulators and take a conservative approach in order to survive these uncertain periods.

The only way for Coinbase to even consider listing XMR, according to Armstrong, is if privacy coins became more mainstream. He does hope that it will happen, but until he does, the exchange is unwilling to make the move towards adding it.

Why is Monero facing such issues?

Whether or not regulators will start looking XMR in a more positive light, however, still remains a major uncertainty. As a privacy coin, Monero transactions are extremely difficult to trace. This makes it a popular choice for hackers. This alone brought a very negative reputation for the coin among lawmakers.

Of course, Bitcoin is tied to countless hacks, as well. However, BTC transactions are much more transparent and easier to trace. On top of that, the SEC confirmed that the coin is not a security, and that it is truly decentralized, which put it in a much better position.

Of course, those who still want to buy and trade XMR still have other options. Other exchanges are offering it, and they will likely see a lot more XMR trading, given that South Korean exchanges announced that the token will be removed from their own platforms later this year.