Monero defies delistings: On-chain activity strong

Monero’s on-chain activity stays strong above pre-2022 levels, driven by privacy demand and darknet market adoption, despite major exchange delistings and regulatory pressure.

Recent reports from TRM Labs show that Monero’s on-chain activity has remained robust and consistently above pre-2022 levels throughout 2024 and 2025. This resilience persists despite widespread delistings from major exchanges like Binance and Coinbase, as well as increased regulatory scrutiny. The data highlights steady use of Monero, especially among users who prioritize privacy, even as access through mainstream trading venues has diminished. Notably, 48% of new darknet markets launched in 2025 support only Monero, signaling a shift in preferences within certain online communities. While ransomware groups often request Monero for payments, most actual settlements still occur in Bitcoin due to its higher liquidity and ease of conversion. TRM Labs also notes some non-standard peer-to-peer behavior on Monero’s network, but its on-chain cryptography remains secure. Overall, Monero’s resilience underscores ongoing demand for privacy-focused cryptocurrencies, even as trading conditions tighten and liquidity moves to smaller or offshore exchanges.