Kraken crypto exchange has decided to stop trading Monero (XMR) for users in the European Economic Area (EEA) due to strict regulation imposed on digital currencies by the government.
Starting from Oct. 31, all trading pairs, including XMR/EUR, XMR/BTC, and XMR/USDT, will be closed, meaning users will no longer be able to buy or sell the coin on the platform. Any open orders will be canceled, and the funds will be sent back to the user’s wallet.
Users have until Dec. 31, 2024, to withdraw their Monero coins; after the deadline, the coins will automatically be converted to Bitcoin at the ongoing market rate.
Monero’s price dropped by 14% to below $150 following the announcement. In just one day, Monero’s market cap fell by $280 million, shrinking from $2.84 billion to $2.56 billion.
However, this is not the first time Monera is facing such an issue. Earlier this year, Binance Exchange also delisted the coin, causing its price to fall from $165 to around $104.
At the time of writing, Monero is trading at $141.41, a 4% increase in the last 24 hours but with a 30.9% drop in trading volume
Many in the crypto space have mixed feelings about this situation. Some believe Monero’s focus on privacy will help it survive even if it becomes harder to trade on major exchanges. Another supporter like Klaus, a Monero holder, argued on X that wealthy investors will continue to use Monero for its privacy features, no matter what its price is.
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