Kraken to cease Monero trading in two European countries

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Kraken, a major crypto trading platform, has announced the delisting of Monero (XMR) for users in Ireland and Belgium, effective June 10, 2024. After the delisting date, any remaining XMR balances will automatically be converted to Bitcoin (BTC).

According to Kraken’s notice, the platform will stop XMR trading and deposits starting May 10, 2024, prohibiting any further transactions with the privacy-focused crypto. Additionally, Kraken has mandated the closure of all margin positions in XMR by the same date, with the platform set to close any remaining positions automatically.

Kraken’s decision follows Binance’s delisting of Monero in February and the earlier removal of privacy coins in Belgium in September 2023. OKX, another major crypto exchange, removed Monero from its offerings in January.

The announcement coincides with the upcoming full implementation of the European Union’s Markets in Crypto-Assets (MiCA) legislation, expected by the end of this year. Entering into force in June 2023, the legislation provides a transition period for entities to comply with the new regulatory framework.

At press time, Monero is trading at around $134, experiencing a slight decrease of around 1% in the last hour, according to CoinGecko’s data.

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