Kraken, one of the leading cryptocurrency exchanges, has announced that it will be delisting Monero (XMR) from its platform in Ireland and Belgium. This comes as part of a larger trend of exchanges removing XMR from their offerings due to regulatory scrutiny.
In recent months, other top exchanges such as Binance and OKX have also delisted XMR. Huobi made a similar move in September of last year. The latest announcement from Kraken adds to this list and highlights the increasing pressure on privacy-focused cryptocurrencies in the EU.
The delisting process for Monero on Kraken will begin on May 10, with trading and deposits ending on that day. The exchange will also automatically close any open margin positions, giving customers less than a month to close these positions.
XMR withdrawals will end on June 10, and any remaining balances on the exchange will be automatically converted to Bitcoin (BTC). While Kraken did not provide a specific reason for the delisting, it is likely in response to the EU’s regulations on privacy coins.
This news has not had a significant impact on XMR’s price, unlike previous delistings. In February, when Binance announced its delisting of XMR, the price dropped from $166 to around $102. However, the market bounced back in March, and XMR reached a price of $151.
Currently, XMR is trading around $132, with minor fluctuations throughout the day. However, if bulls are unable to hold the key support level around $130, the price may decline. This latest delisting highlights the challenges faced by privacy coins in the current regulatory landscape.
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