Kraken cryptocurrencycurrency exchange has announced plans to delist the XMR privacy coin for users in Belgium and Ireland. The derivatization will be available on June 10th, and XMR transactions will end on May 10th.
However, Kraken requests that users who have close positions at Margin convert to Monero by May 10 to prevent the forced closure.
Kraken’s move follows similar measures taken by other large exchanges, like as Binance and OKX, which delisted Monero earlier this year. Binance, in example, commenced the delisting process in February, after previously suspending Monero trade in Belgium in September 2023.
The decision is consistent with the growing legal landscape, particularly the upcoming European Union Anti-Money Laundering Regulation (AMLR). This rule, which is nearing final approval, prevents cryptocurrency-asset service providers from providing accounts for privacy coins, in accordance with existing EU legislation.
Monero’s price has stayed reasonably constant over the last 24 hours, hovering around $134.12, despite the announcement that it will be removed from Kraken’s platform for users in Ireland and Belgium.
