TL;DR Breakdown
- Kraken users can now buy Monero with a debit or credit card.
- Crypto exchanges have been delisting privacy coins to comply with the regulations of the authorities.
The Monero team of developers has announced that the leading privacy coin can now be bought using a credit or debit card on Kraken. This was made known via a tweet on the official page of the crypto asset.
Through its Buy Crypto tool, Kraken allows its users to purchase cryptocurrencies via their MasterCard or Visa Card. According to the crypto exchange firm, before a user can access this tool, he needs to have fulfilled specific requirements like verifying his account to a particular level. He must also be residing in one of the countries supported by the exchange.
Not only that, but the crypto firm also insists that users’ names on the account and the card must align for any card purchase to be successful.
It is expected that the firm would charge a transaction fee of 3.75% of every purchase. The minimum amount that could be spent on a transaction is €10 ($12.14), while the maximum is €400 ($485.53) over seven days.
Kraken would also be keeping records of every transaction in Monero to comply with regulations guarding the exchange’s operations.
Exchanges are delisting Monero and other privacy coins.
Due to the level of crackdown imposed on the authorities’ privacy coins, some crypto exchanges have begun delisting privacy coins like Monero, Zcash, and Dash on their platform.
We reported the case of top crypto exchange firm, Bittrex, who cited the changing regulations and policies guiding the industry as to delisting privacy coins.
The authorities believe that privacy coins like Monero and the rest are being used to sponsor illegal activities. Dark web market site, White House market, only accepts Monero transactions because of its privacy feature, and the site is notorious for selling illicit drugs and other law-breaking acts.
