Monero Exchange System Update | Major Risks Emerge for Traders
The Monero exchange ecosystem is facing notable risks, with significant changes anticipated as AxeSwap, supported by the Monero and BCH community, winds down by May 2025 due to government pressures. This shift leaves users anxious about the reliability of exchanges.
In a recent development, Exodus will stop supporting Monero in August 2025, which has increased fears among community members. Many are turning to open-source wallets like Featherwallet for a safer storage option.
Surge in RetoSwap Activity Amid Exchange Concerns
Interestingly, RetoSwap has reported an uptick in volume, processing an average of 6,000 XMR each week, as traders seek alternative channels.
However, the emergence of centralized P2P exchanges such as XMRGlobal, OpenMonero, and Bitania raises eyebrows due to their lack of proven track records. People are urged to exercise caution as these platforms currently fall under scrutiny for potential reliability issues.
Centralized Exchange Woes: A Broader Warning
Sources emphasize, "If you cannot find your go-to exchange on this list, treat it as extremely high risk and a potential scam." Users should be careful, particularly regarding custodial centralized exchanges (CEX) like Huobi and KuCoin, known for frequent withdrawal issues. Relevant exchanges at risk include:
Huobi: Major withdrawal restrictions reported.
Poloniex: Recent closures of withdrawal options.
Binance: Permanently closed for withdrawals.
Nevertheless, exchanges like Kraken are cited for generally lower risks, though they also face KYC compliance challenges. The community is increasingly advocating for self-custody methods to secure assets more reliably.
User Perspectives on the Exchange Landscape
Comments from community members highlight shifting strategies:
"Which XMR wallet supports Keep Key?" shows interest in secure wallet options.
"I’m able to purchase on Kraken; is there any problem with doing that?" reflects confusion over which exchanges to trust.
"This sets a dangerous precedent for Monero traders," warns a growing segment of the community who distrust centralized solutions.
Recommendations for Safer Transactions
Traders are encouraged to withdraw to secure wallets immediately after transactions. Reliable options for decentralized exchanges include:
RetoSwap: High trust rating with open-source support.
BasicSwapDEX: Renowned for trustless trades via atomic swaps.
Samourai Wallet: Mobile option known for its reliable reputation.
Key factors for prudent trading practices:
🔒 Users are advised to avoid CEXs for long-term holding.
📈 The trend of acquiring Monero through direct transactions or mining is steadily increasing.
What Lies Ahead for Monero Traders?
The continued regulatory challenges and perceived risks can lead to a substantial shift toward decentralized platforms among traders. Experts predict a 70% chance of increased activity on exchanges like RetoSwap as reputations solidify.
Community members are expressing growing concern over reliance on centralized platforms, arguing for incentives to foster self-sufficiency and financial independence.
The End on the Ongoing Crisis
With the landscape continually changing, the question remains—can traders find safety outside of centralized platforms? The dialogue continues as the crypto community adapts to these challenges.
Key Insights
⚠️ Exodus delists Monero in August 2025, heightening risks.
🔺 RetoSwap handles 6,000 XMR on average; a viable option for users.
⛔ Caution is essential as centralized exchanges face ongoing scrutiny.