Monero Activity Resilient After Exchange Delistings: TRM Labs

Monero transaction activity remains well above pre-2022 levels, according to a 2025 report released this week by TRM Labs examining usage across the Monero Project network, despite global exchange restrictions as of February 17, 2026.

The report points out that ransomware gangs often have a preference for privacy-conscious payment options, but the majority of payments are made in Bitcoin simply because it is easier to obtain and exchange globally. This is said to outweigh privacy considerations in many practical payment use cases.

Also Read: The GENIUS Act and MiCA: A Two-Tier Future for Stablecoins in 2026

Exchange Restrictions Fail to Slow Usage

Monero has been removed from or restricted on many exchanges around the world, including Binance and Coinbase, as a result of the tightening of the gates on trading platforms in reaction to the regulatory focus on privacy-focused cryptocurrencies.

Despite lower levels of access, the number of transactions in 2024 and 2025 is significantly higher than in the early part of 2020. This is seen as an indication of continued demand from users who want privacy protection rather than trading for speculation purposes.

Data from the darknet market indicates a significant shift towards privacy-focused transactions. Nearly half of the new marketplaces in 2025 operate on privacy-focused payments, despite the increasing ability to trace transactions on transparent blockchains.

Network Research Highlights Infrastructure Risks

An arXiv article analyzed the behavior of peers at the network layer and concluded that around 14-15% of the reachable peers deviated from the expected behavior as per the protocol.

As noted by researchers, it is important to point out that these anomalies do not necessarily indicate malicious activity. They represent the impact of the focused infrastructure and the timing of relay messages on the spread of transaction messages. It is essential to note that the results do not undermine cryptographic defenses.

Market trends depend on regulatory developments

Monero remains to serve a specific community that is interested in having real privacy in transactions, despite the reduction in access to exchanges. Bitcoin, on the other hand, maintains the top position in the settlement of transactions due to its global presence.

According to analysts, the form that this market will take will depend on the regulations of the exchanges and whether the demand for privacy remains constant or increases with the ability to monitor public blockchains.

Why This Matters

The continued activity of Monero indicates that the global demand for private crypto transactions exists despite delistings and increased regulations.

The use of Monero highlights that privacy coins are used in niche markets, and investor interest in liquidity, adoption, and privacy continues to be important.

Also Read: XRP Holds $1.90 as Spot ETF Inflows Signal Renewed Demand