Monero (XMR) falls sharply after Kraken suspends trading in the European Economic Area

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Monero (XMR) falls sharply after Kraken suspends trading in the European Economic Area
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Cryptocurrency exchange Kraken has announced that it will end support for Monero (XMR) in the European Economic Area (EEA) by the end of October. In a statement released on October 1st, the company explained that it made this decision in response to recent regulatory changes in the region.

Starting October 31, 2024, 3pm UTC, Kraken will suspend trading and deposits of all Monero pairs (XMR/USD, XMR/EUR, XMR/BTC, XMR/USDT) for EEA-registered customers. Additionally, it will automatically close any open XMR orders at the same time.

Users who hold Monero on Kraken will have until December 31, 2024 to withdraw their assets. After this date, the platform will automatically convert any unclaimed Monero into Bitcoin. The funds resulting from this conversion will go to users who have not withdrawn their Monero by January 6, 2025.

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This is not the first time that Kraken has taken action against Monero in the region. Months ago, the exchange had already delisted the asset in Ireland and Belgium. However, the exchange did not disclose the reasons for these previous actions.

Kraken ends support for Monero in the EEA

Riccardo Spagni, a blockchain analyst, suggested that the removal of Monero in Europe could be related to authorities’ difficulty in tracking transactions made with the asset. According to Spagni, if it were possible to monitor Monero transactions efficiently, regulators would probably prefer to keep the cryptocurrency on exchanges as a surveillance tool.

Recently, a leaked video from blockchain analytics firm Chainalysis sparked discussions about Monero’s true privacy capabilities. The video, later removed, suggested that it was possible to track Monero transactions. This has raised questions about the integrity of the privacy protections offered by the coin.

In response to Kraken’s announcement, the value of Monero’s token, XMR, has seen a significant drop of around 7% in the last 24 hours. According to data from CoinGecko, at the time of writing this article, the crypto asset is costing US$142.58.

This downward movement follows a broader downward trend in the cryptocurrency market, which also impacted Bitcoin and other large digital assets in the same period. Market analysts associate this downward trend with increased tensions in the Middle East.

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