Cryptocurrency exchange Kraken has announced that it will discontinue support for Monero (XMR) within the European Economic Area (EEA). This decision, effective immediately, comes amid increasing regulatory scrutiny surrounding privacy-focused cryptocurrencies.
In a statement, Kraken cited concerns regarding compliance with evolving regulations as the primary reason for halting Monero trading and withdrawals in the EEA. The exchange emphasized its commitment to adhering to local laws and ensuring the safety and security of its users.
Monero, known for its robust privacy features, has faced challenges from regulators who argue that its anonymity can facilitate illicit activities. As a result, exchanges worldwide are reassessing their listings of privacy coins, with several others also scaling back support in response to regulatory pressures.
Affected users have been advised to withdraw their Monero holdings before the support termination date. Kraken reassured its clients that it remains dedicated to providing a secure trading environment and will continue to offer a range of other cryptocurrencies.
This move highlights the ongoing tension between the desire for privacy in cryptocurrency transactions and the increasing demand for regulatory compliance in the evolving digital asset landscape.
