Crypto exchange Kraken will stop supporting the privacy token Monero (XMR) in the European Economic Area (EEA) due to regulatory and compliance requirements.
As of October 31, 2024, Kraken will disable trading and deposits for all XMR markets, including pairs with U.S. dollars, euros, Bitcoin (BTC), and Tether (USDT).
Users will have until December 31, 2024, to withdraw their XMR tokens, after which Kraken will automatically convert any remaining Monero into Bitcoin and distribute the funds by January 6, 2025. This decision comes in response to new EU regulations prohibiting privacy-focused tokens like Monero.
Kraken previously ended Monero support in Ireland, Belgium, and the U.K. Other countries, including Japan, South Korea, Australia, and Dubai, have also imposed similar bans on privacy coins.
Following Kraken’s announcement, Monero’s price dropped by 8%, though the broader crypto market also saw a decline of 6.3% over the same period.
Image Credit: Pixabay
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
