Kraken Delists Monero in Ireland and Belgium Amid Regulatory Crackdown

BySamson Ononeme

Apr 12, 2024 ,
Kraken is the latest major platform to distance itself from privacy coins like Monero, following similar moves by Binance and OKX, as the crypto industry navigates an evolving compliance landscape.

Key Insights

  • Kraken has announced it will delist the privacy-focused digital currency Monero for customers in Ireland and Belgium.
  • The move is the latest in a series of similar actions taken by major platforms like Binance and OKX
  • The delisting is expected to be driven by the upcoming implementation of the EU’s new Anti-Money Laundering Regulation

LONDON (MarketsXplora) – Cryptocurrency exchange Kraken has announced it will delist the privacy-focused digital currency Monero for customers in Ireland and Belgium, the latest major platform to distance itself from anonymity-enhancing cryptocurrencies amid heightened regulatory scrutiny.

In a notice posted on Friday, Kraken said it will halt all XMR trading and deposits on its platform starting May 10, with any remaining Monero balances automatically converted to bitcoin when withdrawals are blocked on June 10.

The move follows similar decisions by rival exchanges Binance and OKX to remove privacy coins like Monero, Zcash and Dash from their offerings in recent months, as the crypto industry grapples with intensifying regulatory pressure.

“Kraken’s decision to delist Monero underscores the growing challenges facing privacy-focused cryptocurrencies as regulators tighten their grip on the crypto space,” said Sophia Anong, a fintech analyst at Novus Capital.

The delisting in Ireland and Belgium comes ahead of the implementation of the European Union’s new Anti-Money Laundering Regulation (AMLR), which is set to prohibit crypto asset service providers (CASPs) from offering accounts for privacy coins starting around the summer of 2027.

“The EU’s upcoming AMLR legislation appears to be a key driver behind Kraken’s move, as exchanges look to get ahead of the regulatory crackdown on privacy coins,” Anong added.

Monero, which uses cryptographic techniques to obfuscate transaction details and wallet balances, has long been a target of scrutiny from authorities globally due to concerns over its potential use in illicit financial activities.

Binance had previously delisted Monero from its main platform in February, while rival OKX took similar action against Monero, Zcash and Dash in January, citing compliance with global standards.

“The writing has been on the wall for privacy coins as regulators seek to rein in the perceived risks associated with anonymity-enhancing cryptocurrencies,” said Jake Chervinsky, chief policy officer at the Blockchain Association.

The delisting is expected to have a limited impact on Monero’s overall trading volumes. Monero price is up over the past 24 hours, up around 1% to $134.26.

Samson Ononeme

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