Major

2024

Monero

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
Monero (XMR), the largest and most popular privacy-centric cryptocurrency, faces delisting from Kraken crypto exchange. Users from Europe have only 30 days left to trade XMR pairs, but the Monero (XMR) founder treats this step as a quality mark for his project.
<h2 id="crypto-exchange-kraken-delists-monero-xmr-in-europe">Crypto exchange Kraken delists Monero (XMR) in Europe</h2>
Yesterday, Oct. 1, 2024, veteran cryptocurrency exchange Kraken announced it would delist Monero (XMR) for all European users by the end of this month. Trading in XMR/USD, XMR/EUR, XMR/BTC and XMR/USDT pairs will be halted on Oct. 31 for all customers registered in EEA, the <a href="https://support.kraken.com/hc/en-us/articles/support-for-monero-xmr-in-europe" rel="noopener noreferrer nofollow">statement</a> says. <img alt="Kraken delists XMR in Europe" data-entity-type="file" data-entity-uuid="584316f0-a3e1-4539-a963-7729c5c26fab" src="https://u.today/sites/default/files/inline-images/s4305_1.jpg">Image by <a href="https://support.kraken.com/hc/en-us/articles/support-for-monero-xmr-in-europe" rel="noopener noreferrer nofollow">Kraken</a>
The team of Kraken stressed that this decision was made due to an increased regulatory crackdown on centralized exchanges, and privacy coins in particular:
<blockquote>
 After thorough consideration, and exploration of all viable alternatives, we concluded we have no choice but to delist Monero (XMR) in the European Economic Area (EEA) due to regulatory changes.
</blockquote>
As such, on Oct. 31, trading in XMR pairs and Monero deposits will both be halted. Then, until Dec. 31, 2024, traders will be able to withdraw their XMR holdings.
On Dec. 31, all remaining XMR will be automatically converted into Bitcoin (BTC), the largest cryptocurrency, at the going market rates.
Converted XMR will be redistributed among affected holders on Jan. 6, 2025, the team says.
On the announcement, the Monero (XMR) price dropped by 7.2%. The asset is changing hands at $142.17, the lowest since early August.
<h2 id="monero-xmr-founder-spagni-they-can-t-squeeze-enough-information-from-xmr-privacy">Monero (XMR) founder Spagni: They can't squeeze enough information from XMR privacy</h2>
As per CoinGecko's data, together with Gate.io and KuCoin, Kraken was among the last remaining tier-1 exchanges to support XMR trading.
Commenting on the delisting, the Monero (XMR) founder and long-running lead contributor Riccardo Spagni, attributed it to the fact that the asset remains untraceable for law enforcers and investigators.
<blockquote>
 Kraken delisting Monero in Europe just goes to prove what we already know: Chainalysis et. al. simply can't squeeze enough information out of Monero's privacy to be meaningful, otherwise regulators would want Monero to stay listed as a honeypot.<a href="https://t.co/qUpV9oLl8Z" rel="noopener noreferrer nofollow">https://t.co/qUpV9oLl8Z</a>— Riccardo Spagni (@fluffypony) <a href="https://twitter.com/fluffypony/status/1841191961472229569?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">October 1, 2024</a>
</blockquote>
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.

Monero (XMR) Delisted From This Major Exchange: Reasons

Table of Contents

U_Today

Other articles published on Oct 2, 2024

Solana’s New Web3 Smartphone "Seeker": What You Need to Know

Toncoin Price Faces Potential 25% Drop; Will TON Hit the $4 Mark?

PayPal Opens Cryptocurrency Market to U.S. Business Accounts

Curve Finance Considers Removing TUSD from crvUSD Collateral Amid SEC Accusations

Here Are The Best Crypto Picks To Not Miss Out On Major Market Pumps

Spot Bitcoin ETF Outflows Hit Largest Level Since Early September

Join our free newsletter for daily crypto updates!