Here’s why Coinbase still hasn’t listed Monero – DecryptJuly 25, 2020
Monero (XMR) is currently the 16th-largest cryptocurrency, according to CoinMarketCap, with a total market capitalization of nearly $1.27 billion, and exchanges such as Binance and Kraken list it. Why not Coinbase, then?
According to CEO Brian Armstrong, it’s not simply a matter of preference. Appearing on the What Bitcoin Did podcast this week (via U.Today), Armstrong made that very clear to host Peter McCormack: “I would personally like to list it,” he affirmed.
However, Armstrong suggested that US regulators are uncomfortable with privacy-centric coins. While the government hasn’t made any sort of proclamations as to coming enforcement or issues with Monero or other coins, Armstrong said that a mix of conversations with regulators and internal risk assessments has kept them away—for now, at least.
“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,’” Armstrong recalled. “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 part and parcel with being a financial services business, and it’s something they’re willing to engage in at times. However, it can be costly, and they’re not looking to pick every pricey fight that comes 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,” he said. 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 added.