{"id":360321,"date":"2024-10-02T15:55:15","date_gmt":"2024-10-02T10:25:15","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=360321"},"modified":"2024-10-02T15:55:15","modified_gmt":"2024-10-02T10:25:15","slug":"monero-declines-5-kraken-discontinues-support-in-eea-amid-regulatory-demands-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/monero-declines-5-kraken-discontinues-support-in-eea-amid-regulatory-demands-crypto-news\/","title":{"rendered":"Monero declines 5%, Kraken discontinues support in EEA amid regulatory demands – Crypto News"},"content":{"rendered":"

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\"Receive,<\/a><\/div>\n

Kraken<\/a> has announced its decision to end support for Monero (XMR<\/a>) in the European Economic Area (EEA) by the end of October, according to an Oct. 1 statement.<\/p>\n

The exchange explained that this decision was due to the recent regulatory shifts in the region.<\/p>\n

Due to this, the platform stated<\/a>:<\/p>\n

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\u201cOn\u00a0October 31 2024 at 15:00 PM UTC, we will halt trading and deposits of all XMR markets (XMR\/USD, XMR\/EUR, XMR\/BTC, XMR\/USDT) for clients registered in the EEA. Any open XMR orders will also be automatically closed at this time.\u201d<\/p>\n<\/blockquote>\n

However, users holding Monero will have until Dec. 31, 2024, to withdraw their assets. Any unclaimed Monero after this deadline will be automatically converted to Bitcoin<\/a>. These converted funds will be distributed to users who haven\u2019t withdrawn their Monero by Jan. 6, 2025.<\/p>\n

Meanwhile, this move isn\u2019t Kraken\u2019s first action against Monero<\/a> in the region. A few months ago, the exchange delisted the asset in Ireland and Belgium, though the reasons for these earlier actions were not disclosed.<\/p>\n

Riccardo Spagni, a well-known blockchain analyst, argued<\/a> that Monero\u2019s removal in Europe likely reflects Chainalysis<\/a>\u2018 inability to extract meaningful tracking data from the asset. According to Spagni, if Monero could be effectively traced, regulators would likely prefer to keep it on exchanges as a potential surveillance tool.<\/p>\n

Recently, a leaked video from blockchain analytics firm Chainalysis sparked debate about Monero\u2019s true privacy features. The now-deleted video suggested that Monero transactions could be traced, raising concerns over the integrity of its privacy<\/a> protections.<\/p>\n

XMR declines 5%<\/h2>\n

News of Kraken delisting has significantly impacted the value of digital assets, which declined by more than 5% during the past day to $144, according to CryptoSlate\u2019s<\/em> data.<\/p>\n

This price performance mirrors a broader market trend that has pushed the value of Bitcoin and other top digital assets down<\/a> during the reporting period. Market observers have linked this downtrend to the escalating Middle East tensions.<\/p>\n

Mentioned in this article<\/h6>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Kraken has announced its decision to end support for Monero (XMR) in the European Economic Area (EEA) by the end of October, according to an Oct. 1 statement. The exchange explained that this decision was due to the recent regulatory shifts in the region. Due to this, the platform stated: \u201cOn\u00a0October 31 2024 at 15:00 […]<\/p>\n","protected":false},"author":2,"featured_media":360324,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-360321","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/360321","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=360321"}],"version-history":[{"count":3,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/360321\/revisions"}],"predecessor-version":[{"id":360326,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/360321\/revisions\/360326"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/360324"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=360321"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=360321"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=360321"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}