Kraken, a major cryptocurrency exchange, plans to delist Monero (XMR) from its platform in Ireland and Belgium starting June 10th, 2024. All remaining XMR balances will be automatically converted into Bitcoin (BTC), triggering concerns similar to those raised when Binance delisted XMR in February, leading to a 32% price drop. The delisting of XMR highlights the regulatory pressures faced by privacy-focused cryptocurrencies in certain jurisdictions.
Kraken Delists Privacy-Focused Altcoin Monero (XMR) in Ireland and Belgium
Kraken, a prominent centralized cryptocurrency exchange, has announced plans to delist Monero (XMR), a privacy-oriented altcoin, from its platform in Ireland and Belgium effective June 10, 2024.
The exchange stated that all remaining XMR on its platform for clients in these countries will be automatically converted into Bitcoin (BTC), the leading cryptocurrency by market capitalization, on June 10. Trading and deposits for XMR will be halted on May 10, 2024, and all margin positions must be closed by that date or will be auto-closed. Withdrawals of XMR will be halted on June 10, 2024.
The delisting follows similar moves by other major cryptocurrency exchanges. In February, Binance, the world's largest exchange by volume, delisted XMR, leading to a 32% price decline for the asset. Binance also removed several other digital assets, including Aragon (ANT), Vaiot (VAI), and Multichain (MULTI).
XMR's delisting from Binance caused its price to drop to $108.80, but it has since recovered and is currently trading at approximately $134, representing a 1.3% gain over the last 24 hours.
Kraken's decision to delist XMR is likely due to regulatory pressure and concerns over privacy and anonymity in cryptocurrency transactions. XMR is known for its enhanced privacy features, which make it difficult to trace transactions and link them to specific individuals. This has made it popular among users seeking privacy and anonymity in their financial transactions.
However, regulatory authorities have expressed concerns that privacy coins like XMR could facilitate illegal activities, such as money laundering and terrorist financing. The delisting of XMR from major exchanges could be a response to these concerns and an attempt to comply with regulatory requirements.
The impact of Kraken's delisting on XMR's price is uncertain, but it is likely to face downward pressure in the short term. Traders and investors may consider diversifying their holdings or adjusting their strategies accordingly.
