Cryptocurrency exchange Kraken has announced that it will stop supporting privacy-focused token Monero ($XMR) in the European Economic Area (EEA), citing increasing regulatory pressure. This delisting plan is scheduled to take effect on October 31, 2024 at 15:00 UTC, at which time all trading and deposits of $XMR for EEA customers will be stopped and any open orders for $XMR will be automatically cancelled.
Following delisting, users will be able to withdraw their $XMR assets until 15:00 UTC on December 31, 2024. After this deadline, any remaining balances will be converted to Bitcoin (BTC) at the current market rate, with final distribution expected Will be completed on January 6, 2025.
The move highlights a growing trend among major exchanges looking to distance themselves from privacy coins amid increasing anti-money laundering (AML) regulations and MiCA legislation scheduled to come into full effect in December . The announcement has had a negative impact on Monero’s market performance, with its value falling by around 10% since the news broke.
Monero ($XMR) fell below $150 to as low as $135 following Kraken’s announcement, with the long-short ratio against $XMR indicating strong bearish sentiment among traders, with many anticipating further price gains for the asset fell, but a rebound could emerge if it can close above $156.48. At the time of writing, according to CoinGecko data, $XMR was trading at $139 at 4 pm Asia time on Thursday 3rd, with a 24-hour trading volume of more than $87.5 million.
Source: CoinGecko October 3 data
Kraken’s decision to delist $XMR in Europe is largely attributed to regulatory shifts, specifically the impending implementation of MiCA. The move is part of the exchange's broader strategy to comply with a stricter regulatory framework.
The trend of delisting privacy coins has also been echoed on other major exchanges, including Binance and OKX, as these assets face increasing scrutiny. New AML regulations and MiCA legislation force crypto service providers to withdraw support for privacy-centric coins like $XMR, which are known for their enhanced transaction anonymity.
"Kraken announced that it will delist Monero for European customers, $XMR plummeted 9%" This article was first published on (Blocker).
