April 19, 2024
Latest Cryptocurrency News

Kraken to Wind Down Monero Support in Ireland and Belgium

Crypto exchange Kraken has announced that it is winding down support for the Monero privacy token for its customers based in Ireland and Belgium. The decision comes as the exchange responds to recent regulatory developments in the European Union.

Trading and Deposits Halted

In a notice posted by Kraken, it was revealed that trading and deposits for XMR will cease from May 10.

Additionally, all margin trading positions must be closed before this deadline, with Kraken warning that it will automatically close positions if necessary.

The exchange will fully delist Monero from its platform on June 10, resulting in the halt of withdrawals for XMR token users in Ireland and Belgium.

Automatic Conversion to Bitcoin

Users with remaining XMR tokens after the deadline will see their balances automatically converted into Bitcoin, according to Kraken’s statement.

The decision follows recent regulatory actions within the European Union aimed at prohibiting crypto asset service providers from facilitating accounts for anonymous users or supporting privacy-focused tokens like Monero.

Despite these developments, the price of Monero appears relatively stable, hovering around $132.35. The token recorded a 24-hour high of $136.59 and a weekly high of $139.15, as reported by CoinGecko.

Global Crackdown on Privacy Tokens

Since 2018, regulators throughout the world have strengthened their crackdown on privacy-focused tokens. Japan was one of the first to implement a prohibition on anonymity-enhanced tokens, followed by South Korea and Australia. In 2023, Dubai issued guidelines restricting the issuance of anonymity-enhanced tokens and all virtual asset operations linked to privacy coins.

Exchanges Join the Delisting Trend

The delisting trend extends beyond Kraken, with exchanges like Binance, Huobi, and OKX also taking measures to comply with regulatory requirements.

Binance announced its delisting of Monero in February, causing a temporary decline in the token’s price. Huobi delisted Monero in 2022, while OKX fully removed the token from its trading platform in January 2024, citing the need to maintain a robust spot trading environment and respond to user feedback.

3-month price chart for the Monero token. Source: CoinGecko

Image by starline on Freepik

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