Key Takeaways
- Crypto exchange Kraken is discontinuing Monero (XMR) trading and deposits for users in Ireland and Belgium starting May 10;
- Users are required to close all margin trading positions by the deadline, with automatic closure for those remaining open;
- On June 10, any remaining XMR balances will be automatically converted to Bitcoin (BTC).
Kraken, one of the major cryptocurrency exchanges, has decided to cease Monero (XMR) trading and deposits for its customers in Ireland and Belgium starting May 10.
The announcement, made via a public notice, emphasized the need for users to close all margin trading positions by the deadline; otherwise, they will be closed automatically.
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The delisting process will be completed on June 10, marking the end of XMR withdrawals. Kraken clarified that any remaining XMR balances in user accounts post-delisting would be automatically converted into Bitcoin (BTC).
Despite this news, Monero's market performance has remained relatively stable, with its value being $131.73 at the time of writing.
Kraken's decision echoes that made by Binance, which announced XMR's removal in February. This reflects a trend among crypto exchanges to reassess their listings, particularly privacy-focused cryptocurrencies, which have been under scrutiny by global regulators.
Such delistings highlight the ongoing adjustments made by crypto exchanges to adhere to evolving legal requirements.
