CandleFocus Monero Dips 7% as Kraken Says It's Delisting XMR for European Customers
2024-10-02
Author: Content Editor
Privacy coin Monero has dropped nearly 7% after crypto exchange Kraken announced its delisting in Europe. Kraken cited regulatory changes as the reason for the delisting, with trading and deposits on all Monero markets set to halt for European clients on 31 October. The exchange explained that it had "no choice" but to delist Monero and convert remaining balances to bitcoin. This move follows Binance's announcement in February that it would delist Monero, as pressure mounts on privacy-focused cryptocurrencies. They face criticism due to concerns over their use in criminal activities. Additionally, a developer of decentralized cryptocurrency mixer Tornado Cash has been given a five-year and four months-long prison sentence for money laundering. The ongoing lawsuit against the developer could have implications for privacy software developers in general.
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