According to a statement on October 1, Kraken announced its decision to end support for Monero (XMR) in the European Economic Area (EEA) by the end of October.
The exchange explained that the decision was due to recent regulatory changes in the region.
For this reason, the platform states:
“On October 31, 2024 at 15:00 UTC, all XMR market (XMR/USD, XMR/EUR, XMR/BTC, XMR/USDT) trades and deposits for customers registered in the EEA Any open XMR orders will also be automatically closed at this time.
However, users who hold Monero have until December 31, 2024 to withdraw their assets. Monero that is not claimed after this deadline will be automatically converted to Bitcoin. These converted funds will be distributed to users who have not withdrawn their Monero by January 6, 2025.
Meanwhile, this move is not Kraken's first action against Monero in the region. A few months ago, the exchange delisted the assets in Ireland and Belgium, but the reason for these initial actions was not disclosed.
Renowned blockchain analyst Riccardo Spagni argued that the removal of Monero in Europe likely reflects Chainalysis’ inability to extract meaningful tracking data from the asset. Spani said regulators would likely prefer to keep Monero on exchanges as a potential surveillance tool if it could be tracked effectively.
A recently leaked video from blockchain analytics company Chainaracy sparked a debate about Monero's true privacy features. The now-deleted video suggested that Monero transactions could be tracked, raising concerns about the integrity of its privacy protections.
XMR falls 5%
The news of Kraken's delisting has had a significant impact on the value of the digital asset, which has fallen more than 5% to $144 in the past day. crypto slate data.
This price performance reflects broader market trends that depressed the value of Bitcoin and other top digital assets during the reporting period. Market watchers are linking this downward trend to escalating tensions in the Middle East.
