- Kraken has announced that it will delist Monero (XMR) from exchanges in Ireland and Belgium.
- Other exchanges, including Binance, have previously delisted XMR amid regulatory scrutiny.
- XMR price was $132, almost flat after the Kraken news.
Privacy coin Monero (XMR) has faced multiple delistings in recent months, with major crypto exchanges ending trading support for XMR as part of regulatory compliance.
The latest setback in this regard came after cryptocurrency exchange Kraken announced the end of trading support for Privacy Coin.
In a notice, Kraken informed customers that it would delist Monero from its platforms in Ireland and Belgium. An announcement released earlier today states that CEX will remove XMR from its platform in EU jurisdictions starting June 10, 2024.
Prior to that, Kraken will suspend trading and deposits on May 10th. The exchange will also automatically close open margin positions by his May 10th date. This means that the client has less than a month to close these positions.
Meanwhile, XMR withdrawals will end on June 10th, and if there are users who hold Monero on the exchange by then, their balances will be automatically converted to Bitcoin (BTC).
Monero price outlook
Although Kraken's notice does not state the exact reasons behind the move to delist XMR, the decision appears to be in line with recent EU regulations regarding privacy-focused cryptocurrencies. This exchange therefore joins the list of top crypto platforms that have announced plans to end support for Monero or to delist it.
These include Binance, which announced the delisting of XMR in February, and OKX, which ended all support for privacy coins in early January. Cryptocurrency exchange Huobi has announced that XMR will be delisted in September 2022.
Today's news has had less of an impact on XMR prices than the Binance delisting in February of this year. At the time, Monero's price had fallen from a high of $166 to around $102. A broad market rally in March also boosted XMR, with the price reaching $151.
However, XMR was trading near $132, mostly flat for the day, but a decline is likely if the bulls fail to maintain the key area around $130.
