Kraken is Delisting Monero

The politics regarding crypto on the USA affect decisions everywhere. We have seen XMR be delisted from Binance due to it offering anonymity by obscuring transaction details. Regulatory pressures over Binance are one of the reason for this. This sparkled concerns around the future of privacy coins, as well as thoughts about how these can be used for money laundering, even though it is not their goal.

Recently it was the EU turn to dig into the privacy coins, the AML (Anti-Money Laundering) rules force Kraken to delist XMR, which will be completed by June 10.

Delisting of XMR

The delisting is occurring for Belgium and Ireland. It comes due to the AML rules enforced in the EU. This prohibits service providers to offer the sale and trading of privacy coins, XMR in this case, and payments directly with this coin.

The delisting on Kraken responds to this, so trading and deposits will be stopped on May and the delisting goes through in June.

Anti-Money Laundering Rules

These rules are against privacy coins since they, in their goal of protecting users and their transactions, also facilitate obscuring the path of malicious transactions. They apply to business and registered companies that operate as service providers, but this does not apply to self custodial wallets or P2P transactions, meaning the law doesn't prevent Belgium and Ireland from transacting with XMR, they just can't do so on a CEX. A Dex on the other hand could be an options if XMR is listed there. Private transactions wallet to wallet are fine.

Posted Using InLeo Alpha