Kraken will delist Monero in the European Economic Area and suspend all XMR trading and deposits due to regulatory changes.
US-based cryptocurrency exchange Kraken will delist Monero (XMR) in the European Economic Area following regulatory changes.
In a blog announcement, Kraken stated that trading and deposits in the XMR market, including XMR/USD and XMR/EUR, will be suspended on October 31st at 15:00 UTC for customers registered in the EEA. said. Any open orders will be automatically closed at that point.
Kraken has set December 31st as the XMR withdrawal deadline, and any remaining XMR balances after this date will be converted to Bitcoin (BTC) at the market rate, with distributions to be completed by January 6th, 2025. added.
The move comes amid increased regulatory scrutiny of privacy coins like Monero, which offer enhanced transactional anonymity. Kraken emphasized that this decision was not taken lightly, but that it “remains committed to supporting the most comprehensive set of digital assets possible, consistent with regulatory and compliance obligations.” In June, the exchange discontinued XMR support for customers in Belgium and Ireland.
As privacy coins come under increased scrutiny, this delisting trend has similarly affected major crypto exchanges, including Binance and OKX. The MiCA law and new anti-money laundering regulations that come into effect in December are forcing cryptocurrency service providers to stop supporting privacy-focused coins.
As Patrick Hansen, Circle's EU Strategy and Policy Director, explained earlier, new AML regulations will require crypto asset service providers to offer privacy coins and users to use tokens such as XMR to It is prohibited to make payments.
