Cryptocurrency Exchange Kraken to Delist Monero for European Customers, Triggering 9% XMR Price Drop

Kraken's Monero Delisting Announcement

Cryptocurrency exchange Kraken has announced it will discontinue support for privacy-focused cryptocurrency Monero (XMR) for customers in the European Economic Area (EEA). This decision comes amid growing regulatory pressures in the region, with the delisting scheduled to take effect on October 31, 2024, at 15:00 UTC.

Key timeline details:

• October 31, 2024: All XMR trading and deposits will be suspended for EEA customers
• December 31, 2024: Final deadline for XMR withdrawals
• January 6, 2025: Remaining balances will be converted to Bitcoin (BTC) at market rates

👉 Stay updated on crypto regulation changes

Market Impact and XMR Price Reaction

The announcement has already significantly impacted Monero's market performance:

• Immediate 9-10% price drop following the news
• Current price hovering around $139 (as of Thursday afternoon Asia time)
• 24-hour trading volume exceeding $87.5 million

Technical analysis suggests:

• Strong bearish sentiment among traders
• Potential rebound if XMR closes above $156.48
• Current support level around $135

Regulatory Pressures Behind the Decision

This move reflects several key regulatory developments:

1. MiCA Implementation: The Markets in Crypto-Assets regulation taking full effect in December
2. AML Compliance: Increasing anti-money laundering requirements across Europe
3. Privacy Coin Scrutiny: Growing regulatory skepticism toward cryptocurrencies with enhanced anonymity features

👉 Understanding crypto regulations in Europe

Industry-Wide Trend Against Privacy Coins

Kraken's decision mirrors actions by other major exchanges:

This trend highlights the crypto industry's increasing alignment with global financial regulations, particularly concerning transaction transparency.

What This Means for Monero Investors

EEA-based Kraken users should:

1. Complete all XMR trading before October 31 deadline
2. Withdraw XMR assets by December 31 cutoff
3. Monitor automatic BTC conversion process in early January

For long-term Monero holders:

• Consider alternative non-custodial wallets
• Research other exchanges still supporting XMR
• Stay informed about evolving privacy coin regulations

Frequently Asked Questions

Why is Kraken delisting Monero?

Kraken cites increasing regulatory pressure in Europe, particularly the upcoming MiCA legislation and stricter AML requirements targeting privacy-focused cryptocurrencies.

Can I still trade Monero after October 31?

EEA customers will no longer be able to trade or deposit XMR on Kraken after October 31, 2024, but can withdraw until December 31.

What happens to leftover XMR after December 31?

Any remaining XMR balances will be automatically converted to Bitcoin at market rates, with distribution completed by January 6, 2025.

Are other exchanges delisting privacy coins?

Yes, several major exchanges including Binance and OKX have reduced or eliminated support for privacy coins due to similar regulatory concerns.

Is Monero illegal?

No, Monero itself isn't illegal, but its privacy features make it increasingly difficult for exchanges to comply with financial regulations in many jurisdictions.

Where can I store Monero if not on exchanges?

Consider using official Monero wallets or other non-custodial wallet solutions that support XMR.

Future Outlook for Privacy Coins

The crypto industry continues to evolve under growing regulatory scrutiny. While privacy coins like Monero serve important use cases, their future on centralized exchanges remains uncertain as compliance requirements tighten globally. This development may accelerate innovation in decentralized trading solutions for privacy-focused assets.