Crypto exchange Kraken has joined the growing movement against privacy-focused cryptocurrencies by delisting Monero (XMR) for its users in Ireland and Belgium. The move comes amid increased scrutiny from regulators in the European Union (EU) on anonymous BTC and altcoin transactions. Here are the details…
Kraken is delisting altcoin XMR
The delisting process will be phased, starting with the suspension of XMR transactions and deposits on May 10, 2024. Users with open margin positions on XMR are required to close them by the same deadline to avoid automatic liquidation by Kraken. Finally, on June 10, 2024, Monero will be completely removed from the platform, thus preventing further withdrawals by Irish and Belgian users.
Kraken’s decision follows recent EU regulations restricting crypto service providers (CASPs) from offering accounts to anonymous users or facilitating transactions with privacy-focused tokens such as Monero. These regulations aim to increase transparency and combat potential illegal activities associated with anonymous crypto transactions.
Monero price not affected
Interestingly, despite the delisting news, Monero’s price seems relatively unaffected and is currently hovering around $132. This may be because the delisting only affects a certain user base on Kraken, while Monero remains tradable on other exchanges. However, Binance’s delisting of Monero in February 2023 caused a temporary price decline, indicating the potential long-term effects of exchange delisting.
The crackdown on privacy-focused cryptocurrencies is not a new phenomenon. Since 2018, regulators around the world have become increasingly wary of these crypto assets. Japan was the first country to take action by banning anonymity-enhanced tokens. South Korea and Australia followed suit, with their financial watchdogs imposing similar restrictions. Recently, Dubai also joined the movement, banning the issuance of privacy coins and related activities.
Many exchanges have already delisted XMR
This global trend has led other major exchanges such as Huobi and OKX to delist Monero and other privacy-focused tokens in order to comply with evolving regulations. The future of privacy-focused cryptocurrencies like Monero remains uncertain. While it offers a level of anonymity valued by some users, it also creates challenges for regulators looking to prevent financial crimes. The success of Monero and other privacy-focused coins will likely depend on their ability to adapt and find solutions to address regulatory concerns without compromising core functionality.
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