Crypto exchange Kraken has announced that it will be winding down support for the Monero (XMR) privacy token for its customers in Ireland and Belgium. Starting from May 10, Kraken will halt trading and deposits for XMR, with all margin trading positions needing to be closed by that deadline. Failure to close these positions will result in automatic closure by Kraken. On June 10, Kraken will fully delist Monero from its platform, meaning that withdrawals for XMR will be halted for users in Ireland and Belgium.
Kraken has explained that any remaining XMR tokens in users’ accounts after the deadline will be automatically converted into Bitcoin (BTC). This decision by Kraken comes as a response to recent developments in the European Union, where crypto asset service providers (CASPs) are now prohibited from offering accounts to anonymous users or supporting privacy-focused tokens like Monero.
Interestingly, the price of Monero does not appear to be affected by this news. The token’s price currently stands at around $132.35, with a 24-hour high of $136.59 and a weekly high of $139.15, according to CoinGecko. It is worth noting that in February of this year, Binance’s announcement to delist Monero caused the token’s price to drop from $165 to a five-month low of $136.
The crackdown on privacy-focused tokens began in 2018, with Japan being the first country to ban anonymity-enhanced tokens. Since then, South Korea’s financial watchdog has also implemented a ban on privacy coins, and Australian exchanges have delisted these tokens due to regulatory updates. In addition to Kraken and Binance, exchanges such as Huobi and OKX have also announced the delisting of Monero and other privacy-focused digital assets.
Huobi delisted Monero in September 2022 to comply with global regulations, while OKX fully delisted the token from its trading platform on January 5. These actions by exchanges are aimed at maintaining a robust spot trading environment and have been influenced by feedback from users.
Kraken is winding down support for Monero for customers in Ireland and Belgium. Trading and deposits for XMR will be halted, and all margin trading positions must be closed before the deadline. Monero will be fully delisted from Kraken’s platform, and any remaining tokens will be converted into Bitcoin. This move comes in response to the European Union’s prohibition on CASPs servicing anonymous users or supporting privacy-focused tokens. Despite these developments, the price of Monero has remained relatively stable, and previous delistings by other exchanges have also occurred due to regulatory compliance and user feedback.
Why can’t they just leave us privacy lovers alone? This is a clear attack on our rights!
Kraken’s decision is a reminder of how regulations can impact the cryptocurrency market negatively. It’s really discouraging. 😑😔
Wow, this is some interesting news from Kraken about winding down support for Monero! It’s great to see exchanges taking regulatory compliance seriously and adapting to changes in the EU. I appreciate Kraken’s transparency in explaining the reasons behind their decision. Converting the remaining XMR tokens into Bitcoin is a smart move to ensure users’ funds are not affected. Despite this development, it’s impressive to see that the price of Monero remains stable. I guess investors are still showing confidence in the token. It’s fascinating to see how the regulatory landscape is shaping the crypto industry. Kudos to Kraken for keeping a robust spot trading environment and listening to user feedback. Thanks for sharing this informative article!
Kraken’s decision is just another nail in the coffin for privacy tokens. It’s so frustrating. 😡🗑️
I can’t believe Kraken is just following the trend of delisting Monero. It’s disappointing to see them prioritize regulations over user demands.
Kraken’s decision to delist Monero is a major blow for privacy-focused crypto enthusiasts.