Crypto Exchange Kraken Joins Binance In Delisting Privacy Coin Monero
Portfolio Pulse from Khyathi Dalal
Kraken, a leading cryptocurrency exchange, announced it will delist Monero (XMR) for customers in Ireland and Belgium due to upcoming EU Anti Money Laundering Regulation. Trading and deposits of XMR will cease on May 10, with withdrawals stopping on June 10, leading to automatic conversion of any remaining XMR to bitcoin. This follows similar actions by Binance and OKX, reflecting increasing regulatory pressures on privacy coins.
April 11, 2024 | 5:43 pm
News sentiment analysis
Sort by:
Descending
NEGATIVE IMPACT
Monero (XMR) faces delisting by Kraken in Ireland and Belgium, reflecting broader regulatory challenges for privacy coins. This could impact its adoption and market price.
The delisting of Monero by Kraken, following similar moves by Binance and OKX, indicates a significant regulatory hurdle for privacy coins, particularly in the European market. This action, driven by the upcoming EU Anti Money Laundering Regulation, suggests a negative outlook for Monero's adoption and market price in the short term, as it reduces the coin's accessibility and could dampen investor sentiment.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100