Kraken to Delist Monero in Ireland and Belgium: Regulatory Pressure on Privacy Coins

Kraken, a leading cryptocurrency exchange, has made a significant decision to delist the privacy coin Monero (CRYPTO: XMR) for its customers in Ireland and Belgium. The exchange will cease all XMR trading and deposits starting May 10, with XMR withdrawals being halted on June 10. Any remaining XMR balance will be automatically converted into bitcoin.

This move by Kraken follows similar actions taken by other major exchanges, such as Binance and OKX, who have also delisted Monero in recent months. The delisting of privacy coins like Monero is largely driven by the upcoming European Union Anti Money Laundering Regulation (AMLR), which is expected to receive final approval this month.

The regulation will prohibit crypto-asset service providers from offering accounts for privacy coins, and will be enforced three years after its publication, around summer 2027. This regulatory pressure on cryptocurrencies, particularly those that offer high levels of privacy and anonymity, highlights the challenges faced by privacy coins in navigating the evolving regulatory landscape.

The decision by Kraken and other exchanges to delist privacy coins underscores the potential impact on their adoption and use. The upcoming Future of Digital Assets event by Benzinga on Nov. 19 is expected to thoroughly explore the influence of altcoins and Bitcoin as an institutional asset class.

As the regulatory environment continues to evolve, the future of privacy coins like Monero remains uncertain. Stay tuned for further updates on this developing story.