In a further blow to Monero, cryptocurrency exchange Kraken delisted XMR for users in Ireland and Belgium, citing EU regulations for privacy-focused tokens. According to the official notification, trading and deposits will be stopped on May 10th and will be completely delisted on June 10th. At this time, the remaining XMR will be automatically converted to Bitcoin. Ironically, this comes two months after Kraken tweeted that “privacy is not a crime.”
Although the trading platform did not disclose the reason for the action, market participants expect that the MiCA regulation will make delisting mandatory. [Markets in Crypto Assets]which soon led to Kraken delisting Monero in other EU countries.
A series of delisting decisions by major cryptocurrency exchanges has disappointed privacy advocates, who see the measures as bowing to regulatory pressure. Blockchair lead developer Nikita Zaboronkov remains defiant, describing Kraken's announcement as a victory for cryptocurrencies. He previously referred to Binance’s choice to delist XMR as “the best possible Monero ad.”
Monero supporters support “DEXclusivity”
This move led Monero supporters to jokingly refer to XMR as a “DEX-only coin.” Some cynics say that XMR cannot even enter CEX-es on a visitor visa. Others praised the decision, stating that the more Monero is delisted from CEX, the less speculation it will face and the less it will rely on the traditional system. This is a difficult but necessary step to separate funding from the state.
The more Monero is delisted from the CEX, the less speculation there will be on Monero, and the less we will rely on the traditional system. Although it is a difficult path, it is inevitable for separating money from the state.
As Tron Weekly previously reported, Binance chose to delete the token after months of consideration in January. The decision follows a broader trend of regulatory scrutiny and concern over the potential misuse of privacy coins, which are specifically designed to enhance anonymity by concealing transaction details such as parties and amounts. Thing.
Before that, OKX, another important player in the crypto exchange space, declared its intention to delist 20 spot trading pairs within the next year. Notably, this delisting includes three of the largest privacy-focused cryptocurrencies: Monero's XMR, and Zcash. [ZEC],dash [DASH].
