Kraken has announced it will delist Monero (XMR) for users in Ireland and Belgium from June 10th, with trading and deposits ending on May 10th. The decision aligns with similar moves by Binance and OKX earlier this year.
This action coincides with upcoming EU regulations restricting privacy coins. Monero’s price remains steady despite the news.
XMR‘s response to the news of Kraken’s decision was subdued, with the token’s price experiencing only a marginal shift of 0.8% in the last 24 hours, remaining stable at around $134, according to CoinMarketCap.
Kraken’s move to suspend XMR withdrawals and convert balances to BTC echoes a broader trend seen across various exchanges, including Binance and OKX, which delisted privacy coins earlier this year.
The decision to cease XMR support in Belgium and Ireland is in line with recent EU anti-money laundering (AML) policies, aimed at regulating crypto-asset service providers and prohibiting the use of privacy coins in merchant payments.
These regulations, alongside the EU’s Markets in Crypto-Assets (MiCA) legislation, reflect a tightening regulatory environment for privacy coins, with MiCA expected to be fully enforceable by December.
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