Kraken to Delist Monero (XMR) for European Customers

Kraken has announced it will delist Monero (XMR) for users in the European Economic Area (EEA) due to evolving regulatory obligations.

As per a blog post from the U.S.-based crypto exchange, XMR trading and deposits, including XMR/USD and XMR/EUR, will end on October 31 at 15:00 UTC for EEA-registered clients. Any open orders will be automatically closed at that time.

The exchange sthat the decision to delist Monero was difficult but necessary to meet regulatory and compliance obligations. The blog post particularly highlighted the growing regulatory scrutiny of privacy coins like Monero, which are known for their enhanced transaction anonymity.

Kraken had already stopped supporting XMR for users in Belgium and Ireland earlier in June. It, however, in the latest announcement, reaffirmed its commitment to supporting a broad range of digital assets.

This news comes on the heels of Kraken’s acquisition of Coin Meester (BCM), one of the Netherlands’ oldest crypto brokerage firms. The move strengthens Kraken’s presence in the Dutch market and secures VASP licences in France and Poland. Brian Grahan, Kraken’s managing director for Europe, hailed it as a key milestone in the exchange’s European expansion.

Meanwhile, the delisting trend has continued across major crypto exchanges, with Binance removing several margin trading pairs on September 24, 2024, at 06:00 (UTC). The affected pairs included CHZ/FDUSD and CLV/BTC for both cross and isolated margins, along with RAD/BTC for isolated margins.

Binance had suspended isolated margin borrowing for these pairs on September 19, 2024, followed by automatic settlements and closure of positions on September 24. Users were advised to close their positions and transfer assets to Spot Wallets before the deadline. Despite the delisting, other trading pairs remained available.

Similarly, HTX (formerly Huobi) announced the removal of several USDD trading pairs due to concerns over the stablecoin’s backing and significant collateral withdrawals by the TRON DAO Reserve. The exchange revealed that on September 12, it would delist 14 trading pairs, including DOGE/USDD, NEAR/USDD, and USDD/USDC. Users were advised to cancel pending orders and switch to alternative pairs. HTX cited the need to ensure a “better trading experience” as the reason for the delisting.

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