Crypto exchange Kraken has announced its decision to wind down support for the privacy token Monero (XMR) for customers based in Ireland and Belgium. The move comes in response to recent regulatory developments in the European Union and is part of Kraken's efforts to ensure compliance with evolving regulations.
Kraken will halt trading and deposits for XMR from May 10, with all margin trading positions required to be closed by that deadline. Failure to do so will result in automatic closure by Kraken. Additionally, the exchange will fully delist Monero from its platform on June 10, leading to the cessation of XMR withdrawals for users in Ireland and Belgium.
To facilitate the transition, users with remaining XMR balances after the deadline will have them automatically converted into Bitcoin (BTC).
This announcement coincides with regulatory actions across the globe targeting privacy-focused tokens. The European Union recently prohibited crypto asset service providers from catering to anonymous users or supporting privacy-focused tokens like Monero.
Despite the delisting news, Monero's price appears largely unaffected, hovering around $132.35 at the time of writing. This resilience contrasts with previous delistings, such as Binance's announcement in February, which temporarily sent the token's price downward.
3-month price chart for the Monero token. Source: CoinGecko
Regulators' scrutiny of privacy-focused tokens dates back to 2018, with Japan initiating the first ban on anonymity-enhanced tokens. Similar actions have been taken by South Korea, Australia, and Dubai, reflecting a global trend of regulatory tightening in the cryptocurrency space.
Kraken's delisting of Monero follows similar moves by other exchanges like Binance, Huobi, and OKX, all aimed at compliance with regulatory requirements and maintaining a robust trading environment.
As regulatory pressures continue to shape the cryptocurrency landscape, users and investors must remain vigilant and adapt to evolving regulatory frameworks.
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