One of the world's largest centralized cryptocurrency trading platforms is planning to delist a popular privacy-focused altcoin from two European countries in the coming months.
Cryptocurrency exchange Kraken has announced in a new post that it plans to delist Monero (XMR), a blockchain-focused anonymity-focused cryptocurrency launched in 2014, from Ireland and Belgium starting in June.
According to Kraken, starting June 10, all remaining XMR on cryptocurrency exchanges will be automatically converted into Bitcoin (BTC), the leading crypto asset by market cap.
“On June 10, 2024, we will delist Monero (XMR) from the Kraken platform for customers in Ireland and Belgium. After May 10, 2024, trading and deposits of XMR will be suspended.”
All margin positions must be closed by May 10, 2024, or these positions will be automatically liquidated. Withdrawals of XMR on Kraken will be suspended on June 10, 2024, at which point any remaining XMR balances will be automatically converted to BTC.”
In February, XMR itself was delisted from Binance, the world's largest cryptocurrency trading platform by trading volume, and subsequently crashed 32%.
At the time, Binance went on a wave of delistings, banishing decentralized governance network Aragon (ANT), artificial intelligence-focused blockchain Vaiot (VAI), enterprise blockchain platform Multichain (MULTI), and digital assets such as XMR.
Following its delisting earlier this year, XMR plummeted to $108.80, but the 57th-ranked digital asset has since recovered and is trading at $134 at press time, up 1.3% in the past 24 hours.
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