Kraken Plans to Drop Monero Support in European Economic Area

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Crypto exchange Kraken has announced that it will no longer support privacy token Monero in the European Economic Area (EEA).

This means that all trading and deposits for Monero on Kraken will cease by Oct. 31, 2024, including trading pairs with USD, euro, and USDt.

This decision was made due to regulatory and compliance obligations, according to Kraken. In their statement, they stated that they thoroughly considered all alternatives but ultimately had to delist XMR in the EEA.

Users will have until Dec. 31 to withdraw their XMR tokens from Kraken. If they fail to do so by the deadline, their tokens will be converted to BTC and distributed on Jan. 6, 2025.