The post Kraken will end support for the crypto Monero (XMR) appeared on BitcoinEthereumNews.com.

From October 31, 2024, the cryptocurrency exchange Kraken will discontinue support for the crypto Monero (XMR) in all markets of the privacy token in the European Economic Area (EEA).  This choice will impact several trading pairs, including exchanges with United States dollars (USD), euros (EUR), Bitcoin (BTC), and Tether (USDT). The main reason behind this decision concerns the regulatory and compliance obligations that Kraken has stated it must adhere to. The role of the crypto Monero (XMR) and Kraken’s choice Monero, launched in 2014, is one of the most popular privacy tokens in the cryptocurrency landscape. Its main feature lies in the ability to offer a high degree of anonymity in transactions, which distinguishes it from cryptocurrencies like Bitcoin, where transactions, although pseudonymous, are traceable on the public blockchain. Monero uses advanced technologies such as ring signatures and stealth addresses to ensure that transactions are completely anonymous, making it nearly impossible to trace the origin, amount, or destination of the money. This feature has made Monero a preferred choice for users who wish to preserve their financial privacy. However, it has also raised concerns among regulatory authorities, who fear the use of Monero for illicit activities such as money laundering and financing terrorism. These concerns have likely contributed to the decision of Kraken to cease support for Monero in the EEA. The regulatory context in the EEA The regulation of criptovalute is becoming increasingly stringent in Europe and in the European Economic Area (EEA), an area that includes 30 member countries, including all the states of the European Union and Iceland, Liechtenstein, and Norway. In particular, the anti-money laundering (AML) regulations and Know Your Customer (KYC) have become a central pillar for all cryptocurrency exchanges operating in the region. The European Union has recently introduced the Markets in Crypto-Assets (MiCA)…

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Filed under: News - @ October 3, 2024 7:21 am