Kraken has announced that it will no longer support Monero in the European Economic Area due to changing regulations.
This will affect trading and deposits for the XMR markets, including XMR/USD and XMR/EUR, and these services will be terminated on Oct. 31 at 15:00 PM UTC for clients in the EEA.
Open orders will be automatically closed at this time. Kraken has also set a deadline of Dec. 31 for clients to withdraw their XMR funds.
Any XMR balances remaining after this date will be converted to Bitcoin (BTC) at market rates, with distributions completed by Jan. 6, 2025.
This decision comes as regulators are increasingly scrutinizing privacy coins like Monero, which offer enhanced transaction anonymity.
However, Kraken assures its customers that this choice was not made lightly and that it remains committed to supporting a comprehensive range of digital assets, in accordance with its regulatory and compliance obligations.
