Monero (XMR)fell a sharp 5% after Kraken announced it would stop supporting the privacy-focused cryptocurrency in the European Economic Area (EEA) by the end of October.
Monero Drops 5% as Kraken Cuts Support in EEA Amid Regulatory Demands
According to a statement from the stock exchange, this move came in response to increasing regulatory pressures in the region.
kraken 31 October 2024 as of 18:00For customers registered in the EEA XMR/USD, XMR/EUR, XMR/BTC and XMR/USDT It stated that it would halt trading and deposits on all Monero markets, including Monero. Open Monero orders will be automatically closed at this time.
Kraken users in the EEA to withdraw assets as Monero trading is restricted December 31, 2024They will have until .
At the end of this period, any Moneros left unclaimed will be converted to Bitcoin and the converted funds will be January 6, 2025 It will be distributed to users who cannot withdraw their assets by the deadline.
This is not Kraken’s first action against Monero in the region. A few months ago the stock market in Ireland and Belgiumaki removed asset support, but did not provide detailed reasons for these previous delistings.
Monero’s delisting comes after blockchain analysts suggest the move may reflect the inability of firms like Chainalysis to effectively track Monero transactions. Riccardo Spagni It led to comments from important names such as.
Spagni noted that if Monero could be reliably tracked, regulators might choose to keep it on the list as a surveillance tool rather than delisting it.
CryptoSlateAccording to data from , the announcement dealt a heavy blow to Monero’s market value, with the digital asset falling more than 5% to $144.
The price drop reflects a broader bearish trend in the cryptocurrency market as tensions in the Middle East shake investor sentiment and drive down the value of Bitcoin and other top digital assets.
*This is not investment advice.
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