Crypto exchange Kraken has announced that it will stop supporting Monero in the European Economic Area (EEA).
This decision will be effective October 31 and will include all Monero exchange pairs with US dollars, euros, Bitcoin and USDT.
This change is due to regulatory and compliance obligations.
According to Kraken, the platform has thoroughly considered and explored all alternatives, but has come to the conclusion that it has no choice but to delist Monero in the EEA.
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Users holding XMR on Kraken have until December 31 to withdraw their tokens. If the tokens are not withdrawn by the deadline, they will be automatically converted to BTC on January 6, 2025.
This decision was made in response to evolving regulations in the European Union, which prohibit crypto service providers from using privacy-centric tokens such as Monero or providing accounts for anonymous users.