Kraken Exchange announced the delisting of Monero (XMR) Coin for users in the European Economic Area. This decision caused Monero to lose approximately 7% of its value within 24 hours.
Delisting Due to Regulations
Kraken decided to remove Monero in accordance with new regulatory requirements. All Monero transactions and deposits will cease as of October 31, and existing orders will be automatically canceled.
The exchange stated that users must withdraw their Monero by December 31. Any remaining balance not withdrawn by this date will automatically convert to BTC at the current rate.
Pressure on Privacy Altcoins
This move by Kraken is seen as the second significant action after Binance delisted Monero in February. Discussions about the delisting of privacy-focused coins like Monero, Zcash, and Horizen had gained considerable attention in the first half of the year. A Kraken official commented,
“This decision was made due to new regulatory requirements, and regulators’ demands should be taken seriously.”
Previously, in April, Kraken had suspended XMR transactions for users in Ireland and Belgium. In 2021, it also ceased support for Monero users in the United Kingdom. The widespread use of privacy-focused altcoins by criminals has led governments to impose restrictions on them. XMR continues to be widely used for illegal purchases and services on the Dark Web, encouraging criminal activities due to its anonymity.
Conclusion
Kraken’s delisting of Monero in Europe highlights the impact of regulatory pressure on privacy-focused cryptocurrencies. Users should remain vigilant about such changes and consider diversifying their investments.
