Kraken co-CEO Arjun Sethi just publicly apologized after the platform emailed users who bought and withdrew $XMR , questioning them and even asking what they planned to do with the coins after withdrawing them.
Sethi’s response was firm: verifying the source of funds is a compliance requirement, but questioning how users spend funds after they leave the platform is completely unacceptable. No regulation requires platforms to do this. All inquiries have been withdrawn, and he promised that $XMR would never be delisted—buying and withdrawing is the very essence of the product.
I’ve always believed that self-custody is at the heart of crypto. With major CEXs following the crowd and delisting privacy coins, very few are still willing to uphold the fundamental freedom to withdraw.
Sethi’s response was firm: verifying the source of funds is a compliance requirement, but questioning how users spend funds after they leave the platform is completely unacceptable. No regulation requires platforms to do this. All inquiries have been withdrawn, and he promised that $XMR would never be delisted—buying and withdrawing is the very essence of the product.
I’ve always believed that self-custody is at the heart of crypto. With major CEXs following the crowd and delisting privacy coins, very few are still willing to uphold the fundamental freedom to withdraw.
