Kraken discontinues Monero for users in Ireland and Belgium
Key Takeaways
- Cryptocurrency exchange Kraken will suspend Monero (XMR) trading and deposits for users in Ireland and Belgium from May 10th.
- Users must close all margin trading positions by the deadline, and any remaining positions will be automatically closed.
- Any remaining XMR balance on June 10th will automatically be converted to Bitcoin (BTC).
Kraken, one of the leading cryptocurrency exchanges, has decided to: Effective May 10th, we will suspend Monero (XMR) trading and deposits for customers in Ireland and Belgium.
The information announced through public notice is as follows. Users must close all margin trading positions by the deadline. Otherwise it will close automatically.
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The delisting process will be completed on June 10th and XMR withdrawals will end. Kraken will keep the XMR balance remaining in user accounts after delisting. It will automatically be converted to Bitcoin (BTC).
Despite this news, Monero’s market performance has remained relatively stable. At the time of writing, its value is $131.73.
Kraken’s decision mirrors Binance’s decision. It announced the removal of XMR in February. This reflects a trend for cryptocurrency exchanges to re-evaluate their listings, especially cryptocurrencies with a focus on privacy, which has come under scrutiny from global regulators.
These delistings highlight the ongoing adjustments cryptocurrency exchanges are making to comply with evolving legal requirements.
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