As a seasoned analyst with over two decades of experience in the financial industry, I have witnessed countless regulatory changes and their impact on various assets. The recent announcement by Kraken to delist Monero (XMR) in Europe is undoubtedly a significant event for the privacy-focused cryptocurrency.
The leading and widely-used privacy-focused digital currency, Monero (XMR), may be removed from Kraken’s crypto trading platform. European users have about a month left to trade Monero pairs, but the creator of Monero views this action as a sign of quality for his project.
Crypto exchange Kraken delists Monero (XMR) in Europe
On October 1, 2024, established cryptocurrency platform Kraken declared that it would remove Monero (XMR) from its offerings for all European users by the end of this month. As per the announcement, trading in XMR/USD, XMR/EUR, XMR/BTC, and XMR/USDT pairs will cease on October 31 for all customers residing within the European Economic Area (EEA).
According to the Kraken team, they’ve made this choice primarily because of a tightening of regulations on decentralized exchanges, especially those dealing with privacy coins.
Following a comprehensive review and examination of every feasible option available, we’ve unfortunately reached the decision to remove Monero (XMR) from the listings within the European Economic Area (EEA), primarily due to recent shifts in regulation.
Starting from October 31st, transactions involving XMR pairs and Monero deposits will temporarily cease. However, during this period, users can still withdraw their Monero holdings. This restriction will last until December 31, 2024.
By December 31st, any leftover XMR will be instantly swapped into Bitcoin (BTC), the leading digital currency, according to current exchange rates.
Converted XMR will be redistributed among affected holders on Jan. 6, 2025, the team says.
Based on the recent announcement, the value of Monero (XMR) has decreased by approximately 7.2%. Currently, it’s being traded at $142.17, which is its lowest point since early August.
Monero (XMR) founder Spagni: They can’t squeeze enough information from XMR privacy
According to information from CoinGecko, Kraken was one of only a few top-tier cryptocurrency exchanges (alongside Gate.io and KuCoin) that still offered Monero (XMR) trading.
Regarding the de-listing, Riccardo Spagni, the founder and main contributor of Monero (XMR), explained that the primary reason behind this is the coin’s inherent property of being difficult to trace for investigators and law enforcement agencies.
As an analyst, I find it self-evident that Kraken’s decision to delist Monero in Europe underscores a long-held belief: services like Chainalysis struggle to extract significant data from Monero’s privacy features, making the information they gather essentially worthless for regulatory purposes. If Monero were truly a valuable target for regulators as a ‘honeypot’, they would likely prefer it to remain listed.
— Riccardo Spagni (@fluffypony) October 1, 2024
As for crypto users, he recommended buying Monero (XMR) with Bitcoin (BTC) on noncustodial services and compared the challenges of using privacy coins with messaging with PGP.
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2024-10-02 17:53