Kraken, a prominent cryptocurrency exchange, has announced that it will be discontinuing Monero (XMR) trading and deposits for users in Ireland and Belgium starting May 10. This decision comes as part of a broader trend among crypto exchanges to reassess their listings, particularly privacy-focused cryptocurrencies like Monero, which have come under increased scrutiny from global regulators.
Users on Kraken are required to close all margin trading positions by the deadline, with any remaining positions set to be automatically closed. The delisting process will be completed on June 10, at which point all remaining XMR balances in user accounts will be automatically converted into Bitcoin (BTC).
Despite this news, Monero’s market performance has remained relatively stable, with its value currently at $131.73. Kraken’s decision to discontinue XMR trading echoes a similar move made by Binance earlier this year, reflecting the ongoing adjustments being made by crypto exchanges to comply with evolving legal requirements.
This development highlights the challenges faced by privacy-focused cryptocurrencies in the current regulatory environment and underscores the need for crypto exchanges to adapt to changing market conditions. As the crypto industry continues to evolve, users and investors can expect further changes and adjustments from exchanges to ensure compliance and security in the digital asset space.
