tl;dr
Kraken, a major centralized crypto exchange, has announced its plans to delist Monero (XMR) from its platform in Ireland and Belgium starting in June 2024. After June 10, 2024, all remaining XMR on Kraken will be automatically converted into Bitcoin (BTC). Trading and deposits for XMR on Kraken will...
Kraken, a major centralized crypto exchange, has announced its plans to delist Monero (XMR) from its platform in Ireland and Belgium starting in June 2024. After June 10, 2024, all remaining XMR on Kraken will be automatically converted into Bitcoin (BTC). Trading and deposits for XMR on Kraken will be halted as of May 10, 2024, and all margin positions must be closed by that date. Withdrawals of XMR on Kraken will be halted on June 10, 2024, and any remaining XMR balances will be auto-converted into BTC.
This decision comes after XMR was delisted from Binance earlier in the year, causing a significant price drop, but the digital asset has since recovered and is currently trading at $134. One of the biggest centralized crypto exchange platforms in the world is planning on delisting a popular privacy-focused altcoin in two European nations in the coming months.
In a new article, crypto exchange Kraken says it’s going to be delisting Monero (XMR), a blockchain focused on anonymity that launched in 2014, from Ireland and Belgium starting in June. According to Kraken, after June 10th, all remaining XMR on the crypto exchange will be automatically converted into Bitcoin (BTC), the top crypto asset by market cap.
“We will be delisting Monero (XMR) from the Kraken platform, for clients in Ireland and Belgium, on June 10, 2024. As of May 10, 2024, trading and deposits will be halted for XMR. All margin positions will need to be closed by May 10, 2024 or these positions will be auto-closed. We will halt withdrawals of XMR on Kraken on June 10, 2024. At this time, any remaining XMR balances will be auto-converted into BTC.”
In February, XMR itself was delisted from Binance, the world’s largest crypto exchange platform by volume, and subsequently crashed 32%. At the time, Binance went on a delisting spree, expelling digital assets such as decentralized governance network Aragon (ANT), artificial intelligence-focused blockchain Vaiot (VAI), and enterprise blockchain platform Multichain (MULTI), as well as XMR. Being delisted earlier this year caused XMR to plunge to $108.80. However, the 57th-ranked digital asset has since recovered and is now trading for $134 at the time of writing, a 1.3% gain during the last 24 hours.
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