Patrick

2024

Monero

Read

<p class="is-style-lead">Due to EU anti-money laundering rules, Kraken will delist privacy cryptocurrency Monero in Belgium and Ireland by June 10.</p> 
<p>Kraken <a href="https://support.kraken.com/hc/en-us/articles/notice-of-asset-delisting-in-ireland-and-belgium-for-monero-xmr" target="_blank" rel="">announced</a> it will suspend Monero (<a href="https://crypto.news/price/monero/" target="_blank" rel="">XMR</a>) deposits and trading on May 10. The withdrawals would remain open until June 10, but customers were advised to close all margin and leveraged positions before XMR trading is suspended.&nbsp;</p> 
<p>XMR hardly reacted to the news, as the token’s price only shifted 0.6% in the last 24 hours and traded flat at around $133, according to CoinMarketCap data.</p> 
<figure class="wp-block-image size-large">
 <picture loading="lazy" decoding="async" class="wp-image-14264956"> 
  <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/04/Screenshot-372-1024x471.png.webp"> 
  <img loading="lazy" decoding="async" width="1024" height="471" src="https://crypto.news/app/uploads/2024/04/Screenshot-372-1024x471.png" alt="Monero"> 
 </picture> 
 <figcaption class="wp-element-caption">
  XMR price chart | Source: CoinMarketCap
 </figcaption>
</figure> 
<p>Kraken&nbsp;will disable withdrawals from June 10 and convert all Monero balances to Bitcoin (BTC). The move in Belgium and Ireland comes after the crypto exchange removed the privacy coins from its global exchange in February.</p> 
<p>In January, the firm assigned a monitoring tag to several coins, such as XMR. Other crypto exchanges, including&nbsp;<a target="_blank" href="https://crypto.news/binance-will-reportedly-delist-monero-and-privacy-coins-in-belgium/" rel="">Binance</a>&nbsp;and OKX, also delisted Monero.</p> 
<p> You might also like: <a href="https://crypto.news/major-cexs-persist-in-delisting-anonymous-coins-the-end-for-the-privacy-era/" rel=""> Major CEXs persist in delisting anonymous coins: the end for the privacy era? </a> </p> 
<h2 class="wp-block-heading" id="kraken-s-monero-support-cracks-under-eu-regulations">Kraken’s Monero support cracks under EU regulations</h2> 
<p>Kraken’s decision to cease XMR support in Belgium and Ireland comes on the backdrop of anti-money laundering (AML) policies introduced by the European Union last month. The crypto community initially&nbsp;<a target="_blank" href="https://crypto.news/eu-ban-anonymous-crypto-wallet-combat-money-laundering/" rel="">surmised</a>&nbsp;that the EU moved to ban self-custodial wallets and crypto transactions.&nbsp;</p> 
<p>However, Circle’s EU Strategy and Policy Director Patrick Hansen&nbsp;<a target="_blank" href="https://twitter.com/paddi_hansen/status/1771597759923073237" rel="">explained</a>&nbsp;that the new AML regulations prohibit crypto-asset service providers from offering privacy coins and users from making merchant payments with tokens like XMR.&nbsp;</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">I will have more to say on this the next few days and I am not a fan of the AMLR, but don’t believe the FUD that is being shared.<br><br>Self custody wallets are not banned. Payments to/from self custody wallets are not banned. P2P transfers are explicitly excluded from AMLR, as are… <a href="https://t.co/U2p3tg3ZJ4" target="_blank" rel="">https://t.co/U2p3tg3ZJ4</a></p>— Patrick Hansen (@paddi_hansen) <a href="https://twitter.com/paddi_hansen/status/1771597759923073237?ref_src=twsrc%5Etfw" target="_blank" rel="">March 23, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Similarly, the EU’s Markets in Crypto-Assets (MiCA) legislation also regards privacy coins as contraband. MiCA became law last June and will be enforceable by December, while the EU’s new AML regulations will likely become applicable by mid-2027.</p> 
<p> Read more: <a href="https://crypto.news/eus-esma-edges-closer-to-crypto-regulations-with-latest-mica-report-seeks-public-feedback/" rel=""> EU’s ESMA edges closer to crypto regulations with latest MiCA report; seeks public feedback </a> </p>

Kraken to delist Monero in Belgium, Ireland

Table of Contents

crypto.news

Other articles published on Apr 11, 2024

AI Tokens Surge: Bittensor (TAO) & Toncoin (TON) Make Waves

Galxe launches Identity Protocol to boost user control, privacy

Top Crypto Gainers Today Apr 11 – JUST, JasmyCoin, Helium, Basic Attention Token

Meme Coins Can Make Another Big Move and Redefine Market With This New Revolutionary Launchpad To...

El Salvador’s New Path: Tokenized Funding for an Airport Hotel

South Africa Financial Regulator Begins Issuing Crypto Licenses

Join our free newsletter for daily crypto updates!