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Kraken to Delist Monero in European Markets Amid Regulatory Changes

02.10.2024 20:00 1 min. read Alexander Stefanov
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Kraken to Delist Monero in European Markets Amid Regulatory Changes

Kraken plans to discontinue trading Monero (XMR) in the European Economic Area (EEA) by the end of October, driven by recent regulatory changes linked to the Markets in Crypto-Assets Act (MiCA).

This decision stems from a review of its tokens to ensure compliance with evolving laws.

The trading and deposit of XMR will cease on October 31 at 3:00 PM UTC, affecting all XMR pairs. Users will have until December 31 to withdraw their holdings.

After that date, any remaining XMR will be converted to Bitcoin (BTC) at market value, with the converted amount returned to users by January 6, 2025.

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The MiCA regulations, which began implementation in June 2023, will reach full effect with the second phase scheduled for December 2024.

This phase includes stricter rules for Crypto Asset Service Providers (CASPs) and mandates comprehensive disclosures from token issuers.

Alexander Stefanov
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With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.

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