News

Kraken Delists Monero in Europe Over Regulatory Pressure

XMR trading and deposits will halt at the end of the month.

Oct 2, 2024 • 1 min read

Kraken’s decision to delist Monero for European customers by the end of the month has caused XMR’s price to dip, highlighting regulatory pressure around privacy coins and complicating options for users trying to buy Monero within the region.

What's the scoop?

Timeline for Actions: The exchange will stop Monero trading and deposits on Oct. 31, and EEA users must withdraw their XMR by Dec. 31. After this, any leftover Monero will be automatically converted to Bitcoin.
Impact of Previous Delistings: Binance also delisted Monero earlier this year, showing a trend of major exchanges moving away from privacy coins as regulations tighten.

Bankless Take:

The delisting of XMR by Kraken in Europe, following Binance’s earlier action, showcases the growing challenge for privacy coins in an increasingly regulated market, particularly one with tense geopolitical backdrops, which may lead to more scrutiny on these privacy-focused tokens. For those looking to buy XMR, options may become more limited in Europe if exchanges follow in Kraken and Binances’ suits, which, given the prominence of these exchanges, is likely.

Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.

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