United

Horizen

Dark

Monero

Coin

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/kraken-removes-monero-from-trading-in-the-european-economic-area/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Kraken Removes Monero from Trading in the European Economic Area</a><br></p>
<p style="text-align: justify">Kraken Exchange announced the delisting of Monero (XMR) Coin for users in the European Economic Area. This decision caused Monero to lose approximately 7% of its value within 24 hours.</p>
<h2 id="delisting-due-to-regulations">Delisting Due to Regulations</h2>
<p style="text-align: justify">Kraken decided to remove Monero in accordance with new regulatory requirements. All Monero transactions and deposits will cease as of October 31, and existing orders will be automatically canceled.</p>
<p style="text-align: justify">The exchange stated that users must withdraw their Monero by December 31. Any remaining balance not withdrawn by this date will automatically convert to BTC at the current rate.</p>
<h2 id="pressure-on-privacy-altcoins">Pressure on Privacy Altcoins</h2>
<p style="text-align: justify">This move by Kraken is seen as the second significant action after <a href="https://en.coin-turk.com/binance-unveils-your-2023-crypto-journey/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Binance</a> delisted Monero in February. Discussions about the delisting of privacy-focused coins like Monero, Zcash, and Horizen had gained considerable attention in the first half of the year. A Kraken official commented,</p>
<blockquote>
 <p>“This decision was made due to new regulatory requirements, and regulators’ demands should be taken seriously.”</p>
</blockquote>
<p style="text-align: justify">Previously, in April, Kraken had suspended XMR transactions for users in Ireland and Belgium. In 2021, it also ceased support for Monero users in the United Kingdom. The widespread use of privacy-focused <a href="https://en.coin-turk.com/made-headlines-with-its-rise-now-it-is-in-the-process-of-collapse-down-75-percent-from-its-peak/" data-wpel-link="internal" rel="noopener noreferrer nofollow">altcoins</a> by criminals has led governments to impose restrictions on them. XMR continues to be widely used for illegal purchases and services on the Dark Web, encouraging criminal activities due to its anonymity.</p>
<h2 id="conclusion">Conclusion</h2>
<p style="text-align: justify">Kraken’s delisting of Monero in Europe highlights the impact of regulatory pressure on privacy-focused <a href="https://en.coin-turk.com/russias-central-bank-discusses-integration-of-digital-ruble-with-other-countries-payment-systems/" data-wpel-link="internal" rel="noopener noreferrer nofollow">cryptocurrencies</a>. Users should remain vigilant about such changes and consider diversifying their investments.</p>
<p>The post <a href="https://en.coin-turk.com/kraken-removes-monero-from-trading-in-the-european-economic-area/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Kraken Removes Monero from Trading in the European Economic Area</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.</p>

Kraken Removes Monero from Trading in the European Economic Area

Table of Contents

COINTURK NEWS

Other articles published on Oct 2, 2024

Weekly Article Recap: 9/16-9/20

ARCHIV3: Poland’s Second-Largest Bank Chooses Aleph Zero to Tokenize Historical Art

Argentina Looks to El Salvador’s Bitcoin Policy for Insight

Binance Introduces Exclusive Pre-Market Trading for Launchpool Tokens

Avalanche Foundation Launches $40M Retro9000 Grant Program for L1 Developers

Robinhood Launches Crypto Transfers in Europe: Details

Join our free newsletter for daily crypto updates!