Monero (XMR) and the Darkweb: An unsurprising relationship?
By Luke Flowers – Wallet Specialist
Blockchain, cryptocurrency trading, privacy and the dark web: you may hear these phrases all within the same conversation, but it must be noted where these topics do complement each other and where they do not.
While legislative regulation is addressing the market, the European Union Agency for Law Enforcement Cooperation, (Europol) highlights privacy-enhancing cryptocurrencies and wallet services as the ‘top threats’ and biggest challenges in the space. The organization also notes that Monero (XMR) is one of the most popular coins for completing transactions on the Darkweb, closely followed by Zcash and Dash.
Privacy enhancing cryptocurrencies are the most established transaction methods on the Darkweb
The 2020 Internet Organised Crime Threat Assessment report was issued by Europol earlier this year. The body also goes on to address other privacy wallet features such as ‘coin-mixing.’ Samourai and Wasabi are two platforms that offer this privacy service and are considered the top centralized coin mixers. The report flags ‘administrators of underground markets’ who are enabling and integrating these wallet services into the ecosystem.
The same agency detailed its observations, addressing that people would buy Bitcoin (BTC) and that it was initially used for online unlawful transactions. Over the years, as the blockchain space has evolved, cybercrime focus has shifted to other digital privacy assets as more people buy altcoins, including Zcash, Dash, Monero and even Litecoin. They go on to acknowledge that "Although Bitcoin appears the most common payment system’, noting this is mainly due to its age and credibility, the use of privacy-enhanced cryptocurrencies such as Monero in particular ‘has risen considerably.’
Monero has also remained on the radar of other organizations. Last week, Blockchain Development Firm Chainalysis earned a $625,000 Internal Revenue Service (IRS) deal to manage XMR transactions. This article's publication has not influenced Monero’s price, as the privacy coin has risen by 19 percent in the last seven days and by 5 percent over the previous 24 hours.
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Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
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