Crypto Exchange Kraken Set to Delist Monero in Certain European Countries
One of the leading centralized crypto exchange platforms, Kraken, is preparing to delist a popular privacy-focused altcoin in two European nations soon. Monero (XMR), known for its anonymity features and launched in 2014, will be delisted from Ireland and Belgium by Kraken starting in June. Here are the key details you need to know:
- Kraken will stop trading and deposits for XMR on May 10th, 2024.
- All margin positions for XMR must be closed by May 10th, 2024.
- Withdrawals for XMR on Kraken will cease on June 10th, 2024.
- Any remaining XMR balances will be automatically converted into Bitcoin (BTC) after June 10th, 2024.
Impact of Delisting on Monero
Delisting of Monero from Binance earlier this year led to a significant price drop, resulting in it plummeting to $108.80. Despite the setback, the digital asset has shown resilience and is currently trading at $134, marking a 1.3% gain in the last 24 hours.
Previous Delistings by Binance
Binance, the world’s largest crypto exchange platform, had previously delisted other digital assets along with XMR, causing a temporary price crash. The delistings were part of Binance’s strategy to comply with regulatory requirements and ensure asset quality on its platform.
Hot Take: Adaptation and Evolution in the Crypto Market
The decision by Kraken to delist Monero in specific European countries reflects the evolving regulatory landscape in the crypto market. As exchanges navigate compliance challenges, digital assets may face temporary setbacks but ultimately adapt and evolve to meet regulatory standards and market demands. Stay informed and prepared for changes in the crypto space to make informed investment decisions.
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