Kraken to delist privacy token Monero in Ireland and Belgium

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Kraken cryptocurrency exchange has declared it will no longer provide Monero (XMR), the privacy token, to users residing in Ireland and Belgium.

Kraken announced that they would stop XMR trading and new deposits starting from May 10. They also warned that open margin trading positions for XMR needed to be closed prior to this date. Failure to do so would result in Kraken closing these positions on behalf of the account holders.

On June 10, Monero (XMR) tokens will no longer be available for withdrawal through our platform for users in Ireland and Belgium. The exchange made this clear during the recent transaction.

After the deadline, Kraken will convert any leftover XMR in user accounts into Bitcoin (BTC) without requiring additional action from the account holders.

Anonymous users and privacy-focused cryptocurrencies, such as Monero, are no longer an option for crypto asset service providers (CASPs) in the European Union, according to recent regulations.

Currently, the token’s price remains unchanged by recent news, staying around $132.35. According to CoinGecko, the token reached its highest point in the last 24 hours at $136.59 and its peak for the week at $139.15.

In February, Binance made an announcement that they would no longer support Monero trading on their platform starting from that month. This news led to a significant drop in Monero’s price on Binance. On the 6th of February, the XMR token was priced at $165, but its value fell to a five-month low of $136 on the same day. The price continued to decline on the following day, reaching a low of $105. However, it bounced back the next day.

Since 2018, regulators worldwide have increased their scrutiny of privacy-centric cryptocurrencies. Japan took the lead by prohibiting the use of anonymity-boosting tokens.

Beginning in 2020, financial regulators in South Korea prohibited privacy coins from being traded on cryptocurrency exchanges. Meanwhile, Australian exchanges chose to remove privacy tokens from their lists in response to new regulatory requirements.

Starting on February 7, 2023, Dubai enacted regulations forbidding the creation and use of privacy tokens, as well as all transactions involving privacy coins.

In addition to Binance and Kraken, exchanges such as Huobi and OKX have announced that they will no longer support the trading of Monero and other privacy-centric digital assets starting from September 19, 2022, for Huobi, in order to adhere to global regulations.

Starting January 5th, the token was completely removed from OKX’s trading marketplace. The reason behind this action, according to OKX, is to uphold a vigorous and reliable trading experience for their users. This decision came in response to user suggestions.

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2024-04-11 14:47