Coinbase still hasn’t listed Monero’s XMR on its platform but the reasons are still not quite certain because of the ongoing chats with regulators that have the exchanges being extremely cautious about privacy coins so let’s read more about it in the following Coinbase news.
The Coinbase CEO explained on his podcast why Coinbase hasn’t listed Monero yet, mainly focusing on regulators and their discomfort with privacy coins as he said that a more conservative approach to listing something will be Binance or Kraken. Monero is now ranked as the 16th largest cryptocurrency with a total market cap of more than $1.27 billion while exchanges such as Kraken and Binance list it, so why can’t Coinbase?
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According to CEO Brian Armstrong, it’s not simply a matter of preference. He made that clear to the host Peter McCormack saying that he would personally like to list it. Armstrong suggested that the US regulators are uncomfortable with privacy-centric coins but the government hasn’t made any sort of proclamations about the issues with Monero or other privacy coins for that matter, the CEO said that a mix of conversations with regulators and internal risk assessments kept them away for now:
“A lot of it is behind-the-scenes conversations where [regulators] are kind of saying: ‘We very much don’t think you should do this. And then we have the conversation: ‘Well, are you telling us that you don’t like it, or are you telling us that you are going to sue us if we do it?’”
According to Armstrong, legal disputes with regulators are a part of the deal with being a financial service balances and it something that they will engage in at times. However, this can be expensive and they will not look up to pick the fights that will come their way:
“It’s kind of just part of doing business, but it’s expensive. And it harms the relationship, right? So you need to kind of pick your battles. Sometimes, the internal calculus suggests that it’s better off not engaging. We don’t know if this is a hill we want to die on, and we have to make a lot of tough calls like that.”
Armstrong thinks that regulators will become comfortable with privacy coins over time, but while other exchanges could be willing to list Monero and other coins, Coinbase is more careful and keeps an eye on the future:
“Compared to some of the other exchanges out there that are probably being a bit more aggressive, we have a little bit more of a conservative approach. I want us to be a company that stands the test of time and doesn’t get taken out by some kind of enforcement action, or a cascade of events. I’m playing for the long term here.”
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