Monero declines 5%, Kraken discontinues support in EEA amid regulatory demands Monero declines 5%, Kraken discontinues support in EEA amid regulatory demands
Following the news, Monero's XMR declined by more than 5% during the reporting period.
2 min read
Updated: Oct. 2, 2024 at 10:47 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Kraken has announced its decision to end support for Monero (XMR) in the European Economic Area (EEA) by the end of October, according to an Oct. 1 statement.
The exchange explained that this decision was due to the recent regulatory shifts in the region.
Due to this, the platform stated:
“On October 31 2024 at 15:00 PM UTC, we will halt trading and deposits of all XMR markets (XMR/USD, XMR/EUR, XMR/BTC, XMR/USDT) for clients registered in the EEA. Any open XMR orders will also be automatically closed at this time.”
However, users holding Monero will have until Dec. 31, 2024, to withdraw their assets. Any unclaimed Monero after this deadline will be automatically converted to Bitcoin. These converted funds will be distributed to users who haven’t withdrawn their Monero by Jan. 6, 2025.
Meanwhile, this move isn’t Kraken’s first action against Monero in the region. A few months ago, the exchange delisted the asset in Ireland and Belgium, though the reasons for these earlier actions were not disclosed.
Riccardo Spagni, a well-known blockchain analyst, argued that Monero’s removal in Europe likely reflects Chainalysis‘ inability to extract meaningful tracking data from the asset. According to Spagni, if Monero could be effectively traced, regulators would likely prefer to keep it on exchanges as a potential surveillance tool.
Recently, a leaked video from blockchain analytics firm Chainalysis sparked debate about Monero’s true privacy features. The now-deleted video suggested that Monero transactions could be traced, raising concerns over the integrity of its privacy protections.
XMR declines 5%
News of Kraken delisting has significantly impacted the value of digital assets, which declined by more than 5% during the past day to $144, according to CryptoSlate’s data.
This price performance mirrors a broader market trend that has pushed the value of Bitcoin and other top digital assets down during the reporting period. Market observers have linked this downtrend to the escalating Middle East tensions.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Monero is an open-source cryptocurrency that focuses on privacy, decentralization, and scalability..
Bitcoin
$94,477.71
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Kraken
Kraken is a San Francisco-based digital asset exchange in euro volume and liquidity that trades various currencies, including Canadian dollars, US dollars, British pounds, and Japanese yen.
