Kraken to Delist Monero in European Markets Amid Regulatory Changes

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Cryptodnes2024/10/02 17:21

By:Cryptodnes

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.

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The 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.

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