In another blow to Monero, crypto exchange Kraken delisted XMR for users in Ireland and Belgium due to EU regulations against privacy-focused tokens. As per the official notice, trading and deposits will cease on May 10, with a complete delisting on June 10. At the moment, the remaining XMR will be auto-converted to Bitcoin. Ironically, this comes two months after Kraken tweeted, “Privacy is not a crime.”
Although the trading platform did not disclose the reason for the action, market observers expect that the delisting will be mandatory due to the MiCA regulation [Markets in Crypto Assets], leading Kraken to delist Monero in other EU countries soon thereafter.
The series of delisting decisions made by major crypto exchanges has disappointed privacy advocates, who see these actions as giving in to regulatory pressures. Nikita Zhavoronkov, the head developer of Blockchair, remains defiant by describing Kraken’s announcement as a victory for crypto. Previously, he referred to Binance’s choice to delist XMR as “the best Monero ad imaginable.”
Monero Supporters Cheer ‘DEXclusivity’
The move has led Monero supporters to jokingly call XMR a “DEXclusive coin.” Some have quipped that XMR can’t even enter CEX-es with a visitor visa. Others praised the decision, saying that the more Monero is delisted from CEXs, the less speculation it will face and the less it will rely on the traditional system. It’s a challenging but necessary step towards separating money from the state.
The more Monero gets delisted from CEXs, the less speculation it gets, and the less and less it will depend on the legacy system. It’s a hard path but inevitable for the separation of money from the State.
As earlier reported by TronWeekly, Binance in January opted to remove the token after months of deliberation. This decision follows a broader trend of regulatory scrutiny and concerns over the potential misuse of privacy coins, which are specifically designed to enhance anonymity by concealing transaction details, including involved parties and amounts.
Before that, OKX, another significant player in the cryptocurrency exchange arena, declared its intention to delist 20 spot trading pairs in the upcoming year. Notably, this delisting encompasses three of the largest privacy-focused cryptocurrencies: Monero’s XMR, Zcash [ZEC], and Dash [DASH].