According to the CEO, Monero listing in Coinbase now would only frustrate regulators who would be up in arms even with the privacy coin being supported by Binance and Kraken crypto exchange firms. He said further that other privacy coins like Monero would not yet be listed on Coinbase because they are still untested by US regulators.
Monero listing in Coinbase according to Armstrong, is against his will as he openly affirmed that he would love to have the coin listed on the exchange platform.
Monero listing in Coinbase pointer to regulators, exchange relationship
It is worthy of mention that Coinbase, to a large extent, is losing out on a large client base who may only deal with Monero. The privacy coin ranks as the 16th-largest crypto according to CoinMarketCap, with a market capitalization worth $1.27 billion. Coinbase competitors like Binance and Kraken, however, have tapped into the market with their support for the coin.
Coinbase action could be understandable, giving that law enforcement is making progress trying to track Bitcoin payment and immutability, making criminals adopted Monero as a means of safeguarding themselves. Listing Monero hence could put the exchange at risk of pushback from the government.
This can be said to be true, and a pointer to the good relationship Coinbase maintains with the government. In the same light, there were reports recently that Coinbase was planning a selloff of its analytics software to the United States Drug Enforcement Agency (DEC) and the Internal Revenue Service (IRS).
Monero recent mass blacklist by exchange firms
In May, a South Korean crypto exchange firm announced that they would be delisting Monero from their platform. The exchange decided to permanently delist the coin after it was provisionally delisted in April.
The coin was deleted after it was center stage of scandals regarding Telegram users who make use of the coin to buy illegal pornographic materials involving minors. The coin was also the purported favorite used by the sexual video ring Nth room.
Before Bithumb announced delisting the coin, Huobi announced they would be ending support for Monero amid the scandal.