Monero (XMR): What It Is and Why Exchanges Are Delisting It
Monero (XMR) is a cryptocurrency that hides the sender, recipient and amount of every transfer by default. That is exactly why major exchanges are delisting it one after another: regulators require them to see where money comes from and where it goes.
Below is how Monero’s privacy works, what happened with exchanges and what it means for those who want to buy it. To be clear upfront: Ruber does not offer Monero — we explain why.
How Monero privacy works
Ring signatures
The sender’s signature is mixed with signatures of other users. An observer sees a group of possible senders — currently 16 — and cannot tell which one sent the coins.
Stealth addresses
A one-time recipient address is created for each transfer. Even if your Monero address is public, incoming transfers to it cannot be found on the blockchain.
RingCT
This technology hides amounts. On Bitcoin you can see that address A sent 0.5 BTC to address B. On Monero you only see that a transfer happened.
Why exchanges are delisting Monero
Legal exchanges must check their clients and the source of funds. With a coin whose transfer history is hidden, that is impossible.
- In January 2024, OKX delisted Monero.
- On 20 February 2024 — Binance.
- Kraken stopped XMR trading for EEA clients in 2024, and in the UK back in 2021.
New EU anti-money-laundering rules, applying from summer 2027, prohibit crypto services from handling anonymity-enhancing coins. So there will be fewer and fewer legal venues for XMR.
What it means for buyers
- Harder to buy and sell. What remains are a few exchanges and deals with private persons — with the same risks as any P2P.
- Exchanges can get stuck. Coins that passed through Monero often raise source-of-funds questions when exchanged on a legal platform.
- Many scammers. Where legal venues are scarce, fake exchangers multiply. Warning signs are in 5 signs of a fraudulent exchanger.
Why Ruber does not offer Monero
We check both the client and the crypto coming into a deal, following anti-money-laundering rules. With Monero such a check is impossible. So at Ruber you exchange rubles for USDT, USDC, ETH and BTC — coins with an open transfer history.
If you need to send money or keep an amount in dollars, USDT is more convenient. How to choose a stablecoin — in which stablecoin to choose; you can calculate an exchange in the calculator.
Frequently asked questions
Is it legal to own Monero?
In many countries owning Monero is not prohibited, but several countries have removed it from regulated exchanges. In Russia crypto is recognised as property, and paying with it inside the country is prohibited — more in our review of Law No. 282-FZ.
Can I exchange Monero at Ruber?
No. We work with USDT, USDC, ETH and BTC.
How is Monero different from bitcoin?
On Bitcoin every transfer is visible on the blockchain. On Monero the sender, recipient and amount are hidden.