In a further blow to Monero, cryptocurrency exchange Kraken has delisted XMR for users in Ireland and Belgium due to EU restrictions on privacy-focused tokens. According to an official notice, trading and deposits will be suspended on May 10, with full delisting to take place on June 10. At this time, any remaining XMR will be automatically converted to Bitcoin. Ironically, this comes two months after Kraken tweeted that “privacy is not a crime.”
The trading platform did not disclose the reasons for the move, but market observers expect the delisting to be mandatory due to MiCA regulations. [Markets in Crypto Assets]As a result, Kraken delisted Monero from other EU countries shortly thereafter.
A series of delisting decisions by major crypto exchanges has disappointed privacy advocates, who see these actions as a bow to regulatory pressure. Blockchair lead developer Nikita Zavoronkov remains defiant, describing Kraken’s announcement as a win for crypto. He previously called Binance’s choice to delist XMR “the best possible advertisement for Monero.”
Monero supporters welcome “DEXclusivity”
Following this move, Monero supporters have jokingly referred to XMR as a “DEX-exclusive coin.” Some have even sarcastically noted that XMR cannot even be entered into a CEX on a tourist visa. Others have praised the decision, saying that the more Monero is delisted from CEXs, the less speculative it will be and the less reliant it will be on the legacy system. This is a difficult but necessary step in de-nationalizing money.
The more Monero is delisted from CEXs, the less speculation there will be and the less reliance there will be on legacy systems. This will be a difficult path but is necessary to separate money from the state.
As previously reported by TronWeekly, Binance decided to remove the token in January after several months of consideration. The decision falls in line with a broader trend of regulatory scrutiny and concern over the potential misuse of privacy coins, which are specifically designed to increase anonymity by hiding transaction details such as parties and amounts.
Prior to this, OKX, another major player in the cryptocurrency exchange, announced its intention to delist 20 spot trading pairs over the next year. Notably, the delistings include three privacy-focused cryptocurrencies: Monero, XMR, and Zcash. [ZEC],dash [DASH].
