Despite facing delistings from major cryptocurrency exchanges and regulatory scrutiny, Monero (XMR) has maintained its robust activity and is gaining traction on darknet markets. New research from TRM Labs reveals that Monero’s transaction volumes have remained steady, challenging the notion that compliance pressures would diminish its usage.
Steady Transaction Volumes
Data from TRM Labs indicates that Monero’s transaction usage in 2024 and 2025 has stayed above levels seen before 2022. This resilience is particularly noteworthy given the significant steps taken by exchanges like Binance and Kraken to remove or restrict the privacy coin over traceability concerns.
Pressure on Monero intensified in 2024 when Dubai’s financial regulator banned privacy coins like Monero and Zcash (ZEC) on licensed platforms in the Dubai International Financial Centre (DIFC). Despite these challenges, Monero has not only held its ground but also seen increased adoption in certain sectors.
Darknet Markets Embrace Monero
One of the most significant trends highlighted by TRM Labs is the growing preference for Monero among darknet marketplaces. The research found that 48% of newly launched darknet markets in 2025 supported only Monero, a notable increase compared to earlier years. This shift underscores Monero’s appeal for users seeking enhanced privacy and anonymity.
While Bitcoin (BTC) remains the primary currency for real-world ransom payments, ransomware operators often request Monero and sometimes offer discounts for it. However, victims still tend to pay in Bitcoin, highlighting the complex dynamics of cryptocurrency usage in illicit activities.
Monero’s Privacy and Network Behavior
Monero’s cryptographic features are designed to hide the sender, recipient, and transaction amount, making it a top choice for privacy-conscious users. However, researchers have noted some unusual network behavior, with about 14% to 15% of Monero nodes exhibiting different patterns and connections.
These nodes, which show unusual timing and clustering, do not indicate a breach in Monero’s encryption. Instead, they suggest that some operators may run multiple connected nodes to observe how transactions propagate through the network. This behavior can potentially reveal clues about the origin of transactions, though it does not break Monero’s on-chain privacy.
Fluorine Fermi: Enhancing Privacy and Security
In October 2025, Monero released a significant software update called Fluorine Fermi (v0.18.4.3) to improve user privacy and network security. The update introduces a better peer-selection system that directs wallets away from suspicious nodes and toward safer ones. This enhancement is specifically aimed at protecting against so-called “spy nodes,” which try to link transactions to users’ IP addresses.
Privacy concerns around Monero have been a topic of debate for years, gaining more attention after a leaked 2024 video suggested investigators could monitor activity through their own nodes. The release of Fluorine Fermi is a step forward in addressing these concerns and maintaining the coin’s reputation as a leading privacy solution.
Looking Ahead
The resilience of Monero in the face of regulatory pressures and exchange delistings highlights its enduring appeal in the cryptocurrency ecosystem. As darknet markets continue to shift towards Monero, the coin’s developers remain committed to enhancing its privacy features and security. The ongoing evolution of Monero underscores its potential to remain a significant player in the crypto landscape, particularly for users who prioritize privacy and anonymity.
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