While crypto regulations continue to heat up, the spotlight is beginning to shine more on players such as: Monero ((((XMR-USD). The Monero network offers one of the largest and most popular privacy coins in the industry. As a result of this offer, XMR crypto is being monitored by more cautious crypto regulators and bears. But at the same time, Monero fans have similar feelings towards the central agency that promotes cryptography and widespread adoption. Today, we are starting to work with this community and are trying to shed light on how the Centralized Exchange (CEX) handles XMR transactions.
The Monero network is meant to make cryptographic transactions completely private.It uses Various technologies To do this, obfuscate the XMR trader’s ID. For example, users can use stealth addresses to make them harder to track. Alternatively, you can prevent the amount sent and received in the transaction from appearing on the blockchain. The goal of this is to make XMR a seamless and replaceable digital currency.
In this quest for a completely anonymous transaction, Monero found a significant proportion of his enemies. Many of these enemies include lawmakers who claim that technologies like Monero open the door to criminal activity on the blockchain.Indeed, people like US Senator Elizabeth Warren have long bet ware on cryptocurrencies, that Means for money laundering and drug trafficking.. Monero falls directly into the crosshairs of these takes due to its proud substitutability.
XMR Crypto sees Monero users improving by testing CEX reserves
Thanks to the rocky relationship between Monero and the powerful authorities against privacy coins, XMR crypto holders are skeptical about how centralized entities handle their favorite coins. I am.
That’s right The story is getting hot Among Monero users regarding the lack of transparency regarding how CEX handles XMR transformations. These users claim that they do not accurately or publicly disclose the XMR reserves that CEX holds on the platform. In addition, XMR bulls are very angry that many of these CEXs have completely banned XMR trading. Of course, these actions are in line with the bearish regulatory desire to derail privacy coins.
This chatter fuels a significant portion of today’s XMR pricing behavior.On weekends, Monero users Adjusted “bank run” It’s scheduled for this morning. In a run, Monero users collectively withdraw their holdings of XMR from a centralized trading platform to see if the exchange is really accurate in reserve numbers.
It seems that this event started when the sun went down. XMR crypto trading volume has increased by 140% and XMR traders are over $ 350 million. It seems that Monero users are mainly targeting Binance ((((BNB-USD), KuCoin ((((KCS-USD), Gate.io, Kraken When Huobi As part of the run. Indeed, these platforms are seeing the highest trading volumes. On the other hand, this action has helped raise the coin by about 7% and raise the price to over $ 250.
Publication date, Brenden Realic I did not hold (directly or indirectly) the positions of the securities listed in this article. The opinions expressed in this article are those of the authors covered by InvestorPlace.com. Public guidelines..