Kraken Exchange Will Delist Monero (XMR) in Europe Starting Oct. 31

Kraken crypto exchange has decided to stop trading Monero (XMR) for users in the European Economic Area (EEA) due to strict regulation imposed on digital currencies by the government.

Kraken, a major cryptocurrency exchange, has announced plans to delist Monero (XMR) for users in the European Economic Area (EEA) due to strict government regulation on digital currencies.

Beginning Oct. 31, all XMR trading pairs, including XMR/EUR, XMR/BTC, and XMR/USDT, will be closed. As a result, users will no longer be able to buy or sell the coin on the platform. Any open orders will be canceled and the funds will be credited back to the user’s wallet.

Users have until Dec. 31, 2024, to withdraw their Monero coins, after which the coins will be automatically converted to Bitcoin at the prevailing market rate.

Monero's price dropped by 14% to below $150 following the announcement. In just one day, Monero’s market cap fell by $280 million, shrinking from $2.84 billion to $2.56 billion.

Earlier this year, Binance Exchange also delisted the coin, causing its price to fall from $165 to around $104.

At the time of writing, Monero is trading at $141.41, a 4% increase in the last 24 hours but with a 30.9% drop in trading volume.

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