In a recent announcement, Kraken has revealed that it will discontinue support for Monero (XMR) across the European Economic Area (EEA) by the end of October 2024. This decision was driven by evolving regulatory environments in the region.
Details of Kraken’s Delisting
According to the exchange’s statement released on October 1, the timeline for the delisting process includes:
“On October 31, 2024, at 15:00 PM UTC, we will pause all trading and deposits for XMR markets (XMR/USD, XMR/EUR, XMR/BTC, XMR/USDT) for EEA clients. Any outstanding open orders for XMR will also be closed automatically.”
Withdrawal Timeline
Users still possessing Monero will have until December 31, 2024, to withdraw their holdings. Any Monero that remains unclaimed past this date will be converted to Bitcoin. These converted assets will subsequently be distributed to users who failed to withdraw their Monero by January 6, 2025.
Previous Actions Against Monero
This is not the first instance of Kraken taking action against Monero in Europe. Earlier in 2024, the platform also delisted the cryptocurrency in Ireland and Belgium without providing specific reasons for those decisions.
Expert Insights
Renowned blockchain analyst Riccardo Spagni shared insights suggesting that Monero’s removal reflects the challenges faced by Chainalysis in tracking transactions related to the asset. Spagni noted that, if Monero could be effectively monitored, it would likely remain listed as a useful tool for regulatory surveillance.
Concerns Over Privacy Features
Recently, a controversial video from Chainalysis resurfaced debates surrounding Monero’s privacy features, implying that transactions could be traceable. This has raised questions about the credibility of Monero’s privacy claims.
XMR Market Response
Following the news of Kraken’s decision, the market has reacted, with XMR witnessing a decline of over 5%, dropping to $144 according to CryptoSlate. This decline in Monero’s value is part of a broader downturn in the cryptocurrency market, influenced by rising tensions in the Middle East affecting other digital assets, including Bitcoin.
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