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Kraken Announces Monero Delisting for Users in Ireland and Belgium

Kraken Announces Monero Delisting for Users in Ireland and Belgium

Aaron S. Editor-In-Chief
Written by Aaron S.,
Editor-In-Chief

✓ Fact Checked

Last Updated: April 11, 2024

✓ Fact Checked

Key Takeaways

  • Crypto exchange Kraken is discontinuing Monero (XMR) trading and deposits for users in Ireland and Belgium starting May 10;
  • Users are required to close all margin trading positions by the deadline, with automatic closure for those remaining open;
  • On June 10, any remaining XMR balances will be automatically converted to Bitcoin (BTC).

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Kraken Announces Monero Delisting for Users in Ireland and Belgium

Kraken, one of the major cryptocurrency exchanges, has decided to cease Monero (XMR) trading and deposits for its customers in Ireland and Belgium starting May 10.

The announcement, made via a public notice, emphasized the need for users to close all margin trading positions by the deadline; otherwise, they will be closed automatically.

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The delisting process will be completed on June 10, marking the end of XMR withdrawals. Kraken clarified that any remaining XMR balances in user accounts post-delisting would be automatically converted into Bitcoin (BTC).

Despite this news, Monero's market performance has remained relatively stable, with its value being $131.73 at the time of writing.

Kraken's decision echoes that made by Binance, which announced XMR's removal in February. This reflects a trend among crypto exchanges to reassess their listings, particularly privacy-focused cryptocurrencies, which have been under scrutiny by global regulators.

Such delistings highlight the ongoing adjustments made by crypto exchanges to adhere to evolving legal requirements.

Aaron S. Editor-In-Chief
Aaron S. Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
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