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.
READ MORE:
3AC Founders Launch Memecoin, Which Quickly CrashesThe 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.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Trump considers Kevin Warsh as Treasury secretary first, then Fed chairman
US Embraces Cryptocurrency to Reinforce Global Leadership in FinTech Innovation
241122: XRP Price Surges 25% as Headwinds for Ripple Clear Even More
XRP is closely-related to Ripple Labs, a high-profile payments company targeted by the SEC since 2020 on allegations of selling the token as a security to U.S. investors. Ripple fully cleared a long-drawn court case in 2024, bringing the spotlight back on XRP, a major token that commands a $77 bill
Trending news
MoreCrypto prices
More
