End of Monero Support: Kraken Ends Service in Ireland and Belgium
Date: 2024-04-12 Author: Henry Casey Categories: CRYPTO PAYMENTS
Crypto exchange Kraken has announced its decision to stop supporting the Monero (XMR) token in Ireland and Belgium as of June 10, 2024. After this date, user balances will be automatically converted into bitcoins.
According to the official statement of the exchange, trading and depositing of XMR will be suspended from May 10, 2024. In addition, all margin positions must be closed before this date, otherwise they will be automatically closed.
The exchange did not provide a clear explanation of the reasons for this decision. However, the news about the closure of support for Monero caused a slight drop in the token itself. At the time of writing, the price of XMR is $132.6.
Impact of EU regulation
Kraken's decision may be related to the Anti-Money Laundering Regulation, which was approved in mid-March 2024 in the EU. This ruling, while not directly targeting cryptocurrencies, does affect certain sectors, including projects related to privacy coins such as Monero.
The new rules set out in the Anti-Money Laundering Regulations will come into force in July 2024. They are expected to have a further impact on the activities of crypto exchanges and projects in the European Union.
