26 Nov 2021 [events]

Pete Scriviner: FCA not behind Kraken decision to delist Monero in UK

Pete Scriviner, Financial Conduct Authority Supervisor, denied1 FCA2’s involvement in Kraken3’s decision to delist4 Monero in UK:

Having checked our records, I’ve been unable to find any publications we’ve made about Monero; whether to Kraken or any other firm. It’s therefore unclear what clear guidance Kraken is referring to.

The prompt resonse comes as a result of Justin Ehrenhofer5’s efforts6 to get to the bottom of the story:

Since Kraken specifically referenced guidance from regulators in the UK, I reached out to the FCA to try and learn more information as an outsider. Luckily, the FCA replied in just a few days. I also submitted a formal FOIA request.

Jesse Powell7, Kraken’s CEO, replied on Reddit8:

I hate to turn away business but I don’t think we’ll be approved to support Monero again in the UK until the regulator better understands its value or feels like they have better surveillance tools.

If you disagree with the regulatory approach the UK is taking, please do contact your representative in government and make your position known.

The FCA shrugs and points to Kraken. Kraken impotently blames the government.

The Monero community seems to be on the same page: something is definitely not adding up here.

  1. https://nitter.net/pic/media/FFIGnitWQBobppY.jpg?name=orig 

  2. https://fca.org.uk 

  3. https://kraken.com 

  4. /kraken-to-drop-monero-support-uk-customers 

  5. https://nitter.net/JEhrenhofer/ 

  6. https://libredd.it/r/Monero/comments/r2tbs6 

  7. https://libredd.it/user/jespow 

  8. https://libredd.it/r/Monero/comments/r1bm7b/binance_detects_abnormal_activities_after_xmr/hm4pluw/?context=3