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Cryptocurrency exchange Kraken has revealed plans to delist altcoin Monero for its customers in the European Economic Area due to changing regulations.
The revelations saw XMR plunging from $154 to press time levels of $141 – a 9.21% decline in the previous 24 hours.
Kraken Delist Monero(XMR) Across Europe 🇪🇺 Kraken has announced it will be delisting Monero (XMR) across the European Economic Area (EEA) due to regulatory changes. This decision will take effect on October 31, 2024, at 15:00 PM UTC, marking the end of trading and deposits for—
Kraken delists XMR for European users
The exchange announced it would cease support for the altcoin Monero in European countries on 1 October.
Kraken cited regulatory changes as what prompted its move.
After thorough consideration and exploration of all viable alternatives, we concluded we have no choice but to delist Monero (XMR) in the European Economic Area (EEA) due to regulatory changes.
Thus, the platform will halt trading and deposits for all XMR pairs, including XMR/BTC, XMR/EUR, XMR/USD, and XMR/USDT for its European clients on 31 October 2024.
Kraken will automatically close all open orders after the deadline.
Meanwhile, users will have until 31 December 2024 to withdraw their Monero assets.
It will convert any remaining token to Bitcoin after this date and distribute the BTC back to the XMR holders by 6 January 2025.
The trading company emphasized that it didn’t take the decision to delist Monero lightly and remains dedicated to offering its European users a top-notch trading experience.
Further, the move underscores Kraken’s commitment to providing its clients with an inclusive assets catalog without compromising regulatory compliance.
Evolving crypto regulations in Europe
Kraken’s decision to delist Monero in the EEA region comes amid increased regulatory pressure ahead of the comprehensive Market in Crypto Assets (MiCA) law framework – effective on 30 December 2024.
Furthermore, the new anti-money laundering regulations are forcing crypto firms to reevaluate support for privacy coins.
Binance delisted XMR early in 2024 to comply with global regulatory laws.
The increased scrutiny for privacy-preserving projects amid the fight for illicit cryptocurrency activities saw OKX discontinuing Tether (USDT) trading pairs.
Also, Kraken discontinued XMR trading in Belgium and Ireland in April this year.
XMR’s current price action
The developments saw XMR plummeting from $154 to $141 – an over 9% dip within 24 hours.
The alt trades at $142 at press time, with the 45% uptick in daily trading volume reflecting increased selling activity.
Source: CoinmarketcapFailure to regain the support at $144 could see Monero plummeting to retest the 5 August low at $135.
The MACD supports declines with a bearish crossover and emerging red histograms.
A solid closing beyond $152 would catalyze upswings past the 200-day Exponential Moving Average at $156, invalidating XMR’s bearish outlook.
Such sentiments might propel Monero toward the crucial resistance at $180.
Monero’s future remains uncertain as leading platforms cease support for privacy-focused crypto technologies.
XMR holders in the European Economic Area should take action before the highlighted deadlines.
They can withdraw their assets or wait for an auto-conversion to Bitcoin.
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