The cryptocurrency exchange Kraken has announced they will be delisting Monero from their UK platform by the end of November.
We all know that Monero is the most popular cryptocurrency in the world with a market cap of $18 billion. The Kraken exchange, which is one of the most reputable exchanges in Europe, will be delisting Monero by the end of November.
Kraken is claiming that it has no option but to do so due to legal reasons. The UK government has been developing regulations for cryptocurrencies and Kraken fears that they might not be able to provide services for customers after this year’s end.
We are reaching out regarding an update to the trading and funding of Monero (XMR) on Kraken. In compliance with UK regulations, Kraken (Payward Ltd) will no longer be supporting Monero (XMR) on its platform.
Monero is a decentralized cryptocurrency with privacy at its core value proposition. It was designed to help people who were being targeted by banks or other entities for their financial information or identity theft issues.
Monero is a cryptocurrency that has been on the radar of regulators for some time now. Although it remains unclear what action will be taken against the currency, it is not surprising that they are finally taking action given its recent meteoric rise in popularity.
Kraken exchange also announced that they would close all XMR deposits and withdrawals on the 23rd of December. This means that you will have to convert your XMR into BTC before this date or risk having them lost.