Monero activity has remained steady despite widespread exchange delistings, with 2024 and 2025 transaction levels still above those seen before 2022, according to research from TRM Labs.
Major platforms including Binance and Kraken moved to delist or restrict Monero in 2024 over compliance concerns, while Dubai’s regulator banned privacy coins such as Monero and Zcash on licensed platforms in the DIFC.
Researchers found that 48% of newly launched darknet markets in 2025 supported only Monero, marking a notable increase from earlier years even as Bitcoin remains the dominant currency for real-world ransom payments.
TRM Labs said ransomware operators often request Monero and may offer discounts for XMR payments, though victims still tend to settle demands in Bitcoin.
While Monero’s on-chain cryptography conceals sender, recipient and transaction amount, the report examined peer-to-peer network behaviour and identified that roughly 14% to 15% of nodes displayed unusual timing patterns and clustered connections.
“Although Monero’s on-chain cryptography remains unchanged, network behavior can impact theoretical anonymity properties if observers can see message propagation,”
The report said, noting that such activity could allow certain operators to observe transaction spread without breaking encryption.
In October 2025, Monero released its Fluorine Fermi software update to improve peer selection and reduce exposure to so-called “spy nodes,” amid ongoing debate about whether network-level monitoring could weaken theoretical anonymity despite strong cryptographic protections.
At the time of reporting, Monero price was $332.09.