Key Takeaways:
- Kraken will end support for Monero (XMR) in the European Economic Area by Oct. 31, 2024, due to regulatory requirements.
- Users have until Dec. 31, 2024, to withdraw Monero holdings, after which unclaimed assets will be converted to Bitcoin.
- Monero’s price dropped 8% following the delisting news, reflecting broader market challenges and regulatory pressures on privacy tokens.
Kraken, a major cryptocurrency exchange, announced it will end support for Monero (XMR) in the European Economic Area (EEA) starting October 31, 2024, citing regulatory and compliance requirements.
This decision affects trading pairs with the U.S. dollar, euro, Bitcoin (BTC), and Tether (USDT).
Kraken will delist Monero to users in the European Economic Area 🇪🇺⛔️
— CryptoSavingExpert ® (@CryptoSavingExp) October 2, 2024
Trading and deposits of $XMR will stop in October, any left behind in Kraken by December will be converted to $BTC 🚨
Could privacy coins struggle for traction in Europe? 🤔👇
Users will have until December 31, 2024, to withdraw their Monero holdings, after which unwithdrawn tokens will be converted to Bitcoin.
Monero, a privacy-focused cryptocurrency, has faced increasing regulatory pressure globally, with countries like Japan, South Korea, and Australia banning or restricting its use.
This move follows similar delistings by Kraken in Ireland, Belgium, and the UK.
Monero’s price dropped 8%, from $154 to $141, following the announcement, coinciding with a broader 6.3% downturn in the overall cryptocurrency market.
Kraken’s decision reflects growing scrutiny of privacy tokens by regulators worldwide.
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