As a seasoned cryptocurrency researcher with over a decade of experience in this volatile market, I have grown accustomed to the ebb and flow of digital assets. The recent decision by Kraken to delist Monero (XMR) within the European Economic Area (EEA) is yet another chapter in the ongoing saga of regulatory compliance and cryptocurrency exchanges.
Kraken cryptocurrency platform is discontinuing Monero (XMR) trades for customers within the European Economic Area (EEA), as stringent regulations enforced by local governments on digital currencies have made it necessary for this decision.
Kraken, one of the cryptocurrency exchanges, will stop supporting Monero (XMR) trading in Europe. This move aligns with the philosophy behind Monero, as it was not designed for trading on centralized exchanges, but rather to provide financial privacy and accessibility to all users.— Sylvain Saurel (@ssaurel) October 2, 2024
Users must complete their Monero coin withdrawal process by December 31, 2024. If not done so before the deadline, the Monero coins will be automatically exchanged into Bitcoin according to the current market value as of that date.
After the recent announcement, Monero’s value decreased by 14%, falling below $150. Over the course of a single day, Monero’s market capitalization dipped by approximately $280 million, dropping from $2.84 billion to $2.56 billion.
Previously, Monera has encountered a similar predicament. In fact, just this year, Binance Exchange removed the coin from trading, which led to a significant drop in its value from approximately $165 down to roughly $104.
Currently, Monero is being exchanged for approximately $141.41 per unit, marking a 4% rise over the past day. However, it’s important to note that there has been a significant 30.9% decrease in trading activity during this period.
There’s quite a range of opinions within the cryptocurrency community regarding this situation. Some individuals think that Monero’s emphasis on privacy could make it resilient, even if trading on significant exchanges becomes more challenging. Another advocate, Klaus (a Monero owner), expressed this viewpoint on X, stating that wealthy investors will persist in using Monero due to its privacy functions, regardless of its price fluctuations.
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2024-10-03 23:00