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Leading cryptocurrency trading platform Kraken has announced that it will delist Monero (XMR) for users in Ireland and Belgium as of June 10, 2024. After the delisting date, any remaining XMR balances will be automatically converted to Bitcoin (BTC).
According to Kraken's notice, the platform will halt trading and deposits of XMR starting May 10, 2024, and will prohibit further trading in the privacy-focused cryptocurrency. Kraken has further mandated the closure of all XMR margin positions by the same date, with the platform set to automatically close any remaining positions.
Kraken’s decision follows Binance’s delisting of Monero in February and the removal of privacy coins in Belgium in September 2023. OKX, another major crypto exchange, delisted Monero in January.
The announcement coincides with the full implementation of the European Union's Markets in Crypto Assets (MiCA) law, scheduled for the end of this year. The law, which will take effect in June 2023, will provide a transition period for companies to comply with the new regulatory framework.
At press time, Monero was trading at around $134, seeing a slight drop of around 1% over the past hour, according to CoinGecko data.
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