Kraken exchange announced the delisting of Monero (XMR) Coin for its users in the European Economic Area. This decision caused Monero to lose approximately 7% of its value in 24 hours.
Delist Due to Regulations
Kraken has decided to remove Monero for users in the European Economic Area in line with new regulatory requirements. With this change, all Monero transactions and deposits will be closed as of October 31 and existing orders will be automatically canceled.
The exchange stated that users must withdraw their Monero by December 31. The balance that has not been withdrawn by this date will be automatically converted to BTC at the current exchange rate.
Pressure on Privacy Altcoins
This decision made by Kraken is seen as the second major move after Binance similarly delisted Monero in February. In the first half, the issue that privacy-focused coins such as Monero, Zcash and Horizen would be delisted by major exchanges was on the agenda. Kraken official said in his latest statement:
“This decision has been made due to new regulatory requirements and regulators’ requests must be taken seriously.”
Kraken previously suspended XMR transactions for users in Ireland and Belgium in April. In 2021, it stopped supporting Monero users in the United Kingdom. The widespread use of privacy-focused altcoins by criminals has led governments to restrict them. Currently, XMR is widely used on the Dark Web to purchase illegal products and services, and the fact that it cannot be tracked encourages criminals.
Conclusion
Kraken’s delisting of Monero in Europe once again demonstrated the impact of regulatory pressure on privacy-focused cryptocurrencies. Users should be wary of such changes and consider diversifying their investments.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
