Once upon a time there used to be a cryptocurrency exchange called Kriptomat.
OK, to be precise, Kriptomat is scheduled to fully close down by June 30, 2026, so it hasn’t shut down officially, but it has informed its crypto users, traders, etc. about the imminent closure.
I give them my thumbs up for staying honest and transparent to their users at this difficult time for them.
As far as I know from my personal experience as a user of the services offered by Kriptomat, it is a platform that has always striven to meet newly-introduced regulatory requirements, for example KYC, AML, and MiCA, among others.
I believe that the latter, that is MiCA, put the final nail in the coffin for Kriptomat.
Kriptomat has been a casualty of an overwhelming willingness shown by EU regulators and policymakers to allegedly safeguard the interests of crypto users in the EU.
Or is it the interests of fiat money issuers, that is national government themselves, that they want to protect, rather than those of EU citizens who run a non-stop rat race to make ends meet, in order to financially survive, pay endless, and mostly meaningless, taxes, etc. etc.?
Money laundering was taking place long before crypto was even designed and introduced, and it was taking place through traditional banks, so this is not an excuse.
If those wise regulators and policymakers really wanted to control money laundering activities, they would have done so single-handedly and long ago, without waiting for crypto to come.
If they wanted to investigate fraudulent and criminal activities funded through crypto, they could easily go and check blockchain transactions, where transactions are recorded clearly and transparently.
Anyway, it’s a good thing that Kraken takes over from Kriptomat, so that existing Kriptomat users are not left in the cold, and the transition takes place as smoothly as possible.
