Kraken Drops Monero in Ireland and Belgium, Opting for Bitcoin Conversions

Crypto News- Kraken has recently announced its decision to remove the privacy-oriented cryptocurrency Monero (XMR) from its platform for users in Ireland and Belgium, effective June 10. This move comes as part of Kraken’s compliance efforts and aligns with the regulatory landscape surrounding privacy coins in the European Union.

Kraken Drops Monero in Ireland and Belgium, Opting for Bitcoin Conversions

In a notice released today, Kraken outlined the timeline for the delisting process. Trading and deposits of XMR will cease on May 10, with users advised to close any margin positions before this date to avoid forced closure. Withdrawals of Monero will be halted on June 10, with any remaining XMR balances automatically converted into bitcoin.

This decision follows similar actions taken by other major exchanges, including Binance and OKX, which have also delisted Monero in response to regulatory pressures. Binance began the delisting process in February, while OKX made its move in January, alongside other privacy-focused coins like Zcash and Dash.

EU Regulations Tighten Oversight on Crypto: Impact on Privacy Coins

The regulatory environment surrounding privacy coins in the EU has been evolving, with the impending passage of the Anti Money Laundering Regulation (AMLR) and the Markets in Crypto-Assets legislation (MiCA). These regulations aim to tighten oversight on crypto-asset service providers and prohibit the use of privacy coins due to concerns related to money laundering and financial transparency.

Despite these developments, Monero’s price has remained relatively stable over the past 24 hours, trading around $132.60. However, the delisting from Kraken may have implications for its liquidity and accessibility in these markets going forward.