Important points:
- Due to new EU regulations targeting privacy-focused cryptocurrencies, Kraken will stop supporting Monero (XMR) in Ireland and Belgium from May 10th for trading and June 10th for withdrawals. Effective from.
- Starting June 10th, Monero balances remaining in user accounts will be automatically converted to Bitcoin (BTC) in line with Kraken's local regulatory compliance efforts.
- Despite Kraken and other exchanges delisting Monero in response to regulatory pressure, Monero's market price has remained stable around $132.35, demonstrating the market's resilience amidst these changes. Suggests.
krakenA major cryptocurrency exchange has announced that it will soon end support. Monero (XMR)a privacy-oriented cryptocurrency and for users Ireland and Belgium.
This decision is in response to upcoming regulatory changes. european union What limits crypto asset service providers (CASP) From handling cryptocurrencies with an emphasis on privacy.
Kraken delists Monero in Ireland and Belgium, converts remaining balance to Bitcoin https://t.co/bI0TsfxbOR
— The Block (@TheBlock__) April 11, 2024
boot May 10thKraken will no longer be able to trade or deposit XMR.
Exchanges also require all margin trading positions involving Monero to be closed by this date. Otherwise, closes automatically by kraken.
The final step in the delisting process is June 10thwhen Monero withdrawals will also be suspended for users in these two countries.
Just in: #kraken Will be delisted #Monero For users of #Ireland and #Belgium Due to EU regulations on privacy-focused tokens.
Trading and deposits will be suspended on May 10th, and the company will be completely delisted on June 10th.
rest $XMR will be converted to $BTC.
— Satoshi Club (@esatoshiclub) April 11, 2024
Kraken further states that any Monero balance remaining in a user's account after the last withdrawal date will be automatically converted. Bitcoin (BTC).
The move is in line with Kraken's policy of ensuring compliance with local regulations, including measures against cryptocurrencies with enhanced anonymity.
Kraken hits Monero hard $XMR Large-scale delisting
– According to an official notification released earlier today, major CEX @Krakenfxis set to exclude from the list @Monero's $XMR Tokens from major EU jurisdictions, Ireland and Belgium.
– Delisting will take effect in June… https://t.co/6FELcEazqo pic.twitter.com/0PvDtPugmG
— BSCN (@BSCNews) April 11, 2024
This decision also includes similar actions by other exchanges.
During February, Binance It also moved to delist Monero, temporarily impacting prices and demonstrating the market's sensitivity to regulatory news.
Since 2018, in several countries including: Japan and South Koreahas begun enforcing regulations specifically targeting privacy coins like Monero.
Most recently in 2023. dubai We have introduced guidelines that prohibit the issuance of anonymity-enhanced tokens and all related activities.
⚠️ @krakenfx Will be delisted #Monero For clients in Ireland and Belgium!
– The exchange announced: $XMR Margin positions must be closed by May 10th, when trading and deposits will also be suspended.
– Withdrawals will be stopped on June 10th and the remaining balance will be $BTC pic.twitter.com/3qPKttKSJm— Crypto Potato Official (@Crypto_Potato) April 11, 2024
Other interactions include: Huobi and OKX It also delisted Monero in accordance with global regulations, citing the need to maintain a compliant and robust trading environment.
Kraken recently received regulatory approval for its money license registration. Spain and Ireland We contrast these delistings to highlight the complex and evolving landscape of crypto regulation around the world.
About the author
