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Monero crackdown


Funn3r
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Monero has long been seen as the most private crypto, in terms of a transaction being opaque and leaving no trail back to the participants. The FBI have publicly moaned about Monero a few times.

Well it looks as though the UK has got the wind up as well. I just had an email from my exchange saying that "In compliance with UK regulations" it is washing its hands permanently of Monero. I think this means the FCA has told them to pack it in or face money laundering action. I have been told to liquidate my position within a few days and get lost. Charming.

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Frank Hovis

I had assumed that would mean it crashed but it is up 3% today.

This looks like a huge grey area though as the primary aspect of crypto is to allow transactions to happen without the control and oversight of the banking system.

That was my understanding anyway.

And this then makes it easier to get away with money laundering and illegal transactions: buy a gun on your credit card and you will be caught, buy it with crypto and how do the authorities know unless they have whole teams scrutinising every transaction in the Blockchains?

It looks like "First they came for Monero, and I did nothing."

 

Though despite this action which necessarily reduces the number of current and potential buyers it went up by 3%.  Very odd.

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It's a spectacular action when you think about it. We hear all the time about China banning crypto, oh yeh that again yawn,  but here we have a big UK flag saying look this is the coin that really worries the authorities - so surely everyone will now pile in? I am going to see if I can get some more before the deadline for kicking me off. I suspect they will not though.

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fourstarpetrol

I think peer to peer exchanges are the future for buying and selling crypto rather than relying on big exchanges.

54 minutes ago, Funn3r said:

I just had an email from my exchange saying that "In compliance with UK regulations" it is washing its hands permanently of Monero. I think this means the FCA has told them to pack it in or face money laundering action. I have been told to liquidate my position within a few days and get lost. Charming.

What exchange was it? Do you only keep your XMR on the exchange rather than in your own wallet?

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19 minutes ago, fourstarpetrol said:

I think peer to peer exchanges are the future for buying and selling crypto rather than relying on big exchanges.

What exchange was it? Do you only keep your XMR on the exchange rather than in your own wallet?

https://www.theblockcrypto.com/linked/124437/kraken-subsidiary-crypto-facilities-receives-fca-approval-in-the-uk

The XMR is on the exchange, at least for now. I do have an offline wallet but I have never used it. Just don't understand the procedure to rescue the keys if there is a hardware failure.  

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fourstarpetrol
17 minutes ago, Funn3r said:

https://www.theblockcrypto.com/linked/124437/kraken-subsidiary-crypto-facilities-receives-fca-approval-in-the-uk

The XMR is on the exchange, at least for now. I do have an offline wallet but I have never used it. Just don't understand the procedure to rescue the keys if there is a hardware failure.  

I use my Monero wallet with a Ledger Nano. This will give you a 24 word seed phrase, and provided you have this you can restore your wallet at any time. Even if all your hardware is destroyed including the Ledger itself, you can still restore your wallet. Ledgers are about 60 quid on amazon but well worth it.

Drop me a PM if you need any help :)

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Crypto is not my thing, but doesn't this indicate that the authorities have compromised other crypto currency transactions?

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