Kraken has announced it will delist Monero, a privacy token, in Ireland and Belgium.
According to a statement from Kraken, the reason for winding down support for Monero is due to regulatory pressure and concerns over the privacy features of the token.
The decision includes halting trading and deposits for XMR starting May 10 and fully delisting the token by June 10.
Customers must close any margin trading positions by May 10, otherwise, they will be closed automatically.
Kraken stated that all remaining XMR balances will be converted into Bitcoin after the deadline. This move is in response to recent regulations in the EU restricting anonymous users and privacy-focused tokens.
