Saturday, 25 May 2024
Trending

Crypto News

Monero (XMR) exchange troubles continue with another major delisting

Monero (XMR) exchange troubles continue with another major delisting

  • Kraken has announced it will delist Monero (XMR) from its exchange in Ireland and Belgium.
  • Other exchanges, including Binance, have previously delisted XMR amid regulatory scrutiny.
  • XMR price was at $132, largely flat after the Kraken news.

Privacy coin Monero (XMR) has faced numerous delistings in recent months, with leading crypto exchanges ending trading support for XMR as part of their regulatory compliance.

The latest setback in the regard comes after cryptocurrency exchange Kraken announced an end to trading support for the privacy coin.

In a notice, Kraken informed its customers it would delist Monero from its platform in Ireland and Belgium. The announcement, published earlier today, states that the CEX will remove XMR from its platform in the EU jurisdictions as from June 10, 2024.

Ahead of that, Kraken will halt trading and deposits on May 10. The exchange will also auto-close any open margin positions by May 10 – which means customers have less than a month to close these positions.

Meanwhile, XMR withdrawals will end on June 10 and if any users still hold Monero on the exchange by then, the balances will auto-convert to Bitcoin (BTC).

Monero price outlook

While Kraken’s notice did not state the exact reason behind the move to delist XMR, its decision looks to align with recent EU regulation on privacy-focused cryptocurrencies. The exchange therefore adds to the list of top crypto platforms to delist or announce plans to end Monero support.

That includes Binance, which announced XMR delisting in February, and OKX, which ended all support for the privacy coin in early January. Crypto exchange Huobi announced XMR delisting in September 2022.

Today’s news has not impacted XMR price as much as the Binance delisting did in February this year. At the time, Monero’s price dropped from highs of $166 to around $102. A broader market bounce in March also pulled XMR higher, with its price reaching $151.

XMR is however trading near $132, largely flat on the day but likely to flip lower if bulls don’t hold the key area around $130.

Click Here to Read the Full Original Article at CoinJournal: Latest Crypto News, Alt Coin News and Cryptocurrency Comparison…