- Kraken’s decision to delist Monero for its customers in Ireland and Belgium is driven by a need to comply with the upcoming EU Anti-Money Laundering Regulation (AMLR) and other EU regulations such as the Markets in Crypto-Assets legislation (MiCA).
- This move aligns with the industry’s broader trend toward regulatory compliance and the desire to prevent the misuse of privacy-focused coins in illicit activities.
Kraken’s decision to delist Monero for its customers in Ireland and Belgium is driven by a need to comply with the upcoming EU Anti-Money Laundering Regulation (AMLR) and other EU regulations such as the Markets in Crypto-Assets legislation (MiCA).
This move aligns with the industry’s broader trend toward regulatory compliance and the desire to prevent the misuse of privacy-focused coins in illicit activities.
Kraken, a leading cryptocurrency exchange, will delist privacy coin Monero (XMR) for its customers in Ireland and Belgium starting June 10. This decision is part of a broader trend in which exchanges are phasing out privacy coins in compliance with new regulatory standards.
Kraken’s notice outlined that all trading and deposits of Monero will cease on May 10, and customers must close any open margin positions before this date to avoid forced liquidation. After June 10, any remaining Monero balances will be automatically converted into bitcoin, with withdrawals of Monero also halted on that date.
This move aligns Kraken with other exchanges such as Binance and OKX, which have also delisted Monero and other privacy coins like Zcash and Dash in recent months. Binance delisted Monero from its main platform in February and earlier removed privacy coins from its Belgian services in September 2023.
Compliance with EU Regulations
Kraken’s decision comes in the context of evolving European Union regulations, particularly the Anti Money Laundering Regulation (AMLR), which is expected to pass final approval in the European Parliament and the Council of the EU this month. The AMLR prohibits crypto-asset service providers (CASPs) from offering accounts for privacy coins, a move aimed at curbing illicit financial activities.
The EU’s Markets in Crypto-Assets (MiCA) legislation, effective since June 2023 and set to be fully applicable by December 30, 2024, also restricts crypto assets with built-in anonymization features. Kraken’s compliance with these regulations reflects the growing emphasis on transparency and accountability in the cryptocurrency sector.
Over the past 24 hours, Monero’s price remained steady, dropping by approximately 1% to $132.60. Kraken’s decision to delist Monero in Ireland and Belgium signals a continued shift in the crypto landscape toward stricter regulatory compliance and oversight.
Kraken Aligns with Regulatory Standards
Kraken’s decision to delist Monero for its customers in Ireland and Belgium highlights the exchange’s commitment to aligning with the evolving regulatory landscape in the European Union. This move, along with similar actions by other leading exchanges, signals a broader industry shift toward compliance with anti-money laundering and privacy regulations.
As cryptocurrency regulations continue to evolve, exchanges must prioritize transparency and adherence to legal requirements to maintain the integrity of the market and protect investors.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
