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Kraken continuously reviews listed tokens to determine the impact from regulatory changes on our offerings.
As one of the world’s largest cryptocurrency platforms, we are constantly working to support the most comprehensive set of digital assets possible in alignment with applicable regulatory and compliance obligations.
What’s changing?
After thorough consideration, and exploration of all viable alternatives, we concluded we have no choice but to delist Monero (XMR) in the European Economic Area (EEA) due to regulatory changes.
We did not take this decision lightly and remain committed to providing our European clients with an exceptional trading experience.
What’s next?
- On October 31st 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. Note: Clients will remain able to withdraw XMR on Kraken until December 31st, 2024.
- December 31st 2024 at 15:00 PM UTC is the deadline for withdrawing XMR. Any clients still holding an XMR balance after this date will have their XMR automatically converted to BTC by Kraken at the going market rate.
- By January 6th 2025 23:59 PM UTC, we will distribute the converted XMR as BTC back to any clients who held XMR at the withdrawal deadline.
Any clients who hold an XMR balance at the time of the withdrawal deadline will be automatically included in the conversion of XMR to BTC.
As a leading cryptocurrency exchange, Kraken remains mission-driven and committed to supporting the most comprehensive set of digital assets possible, in alignment with our regulatory and compliance obligations.
We appreciate your understanding and ongoing support as we navigate the evolving regulatory landscape.
Link found on r/Monero - posted by u/MoneroFox : https://support.kraken.com/hc/en-us/articles/support-for-monero-xmr-in-europe
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time for peeps to start switching to haveno!
Sure is, maybe that will drive our average transaction count per day above 8.4, which is where it was at the end of September.
The reason I don’t use Haveno is because, all I’ve wanted since the beginning, was a simple UI like the now-defunct Wizardswap where I could say “Convert X XMR for Y BTC” and that was it. A user interface similar to Morphtoken.
On the backend, Wizardswap liquidity was provided by users who had crypto sitting in a multiwallet, and they had exchange rates they were willing to accept. “Only swap XMR for LTC if the rate is 5% in my favor”, “Only swap BCH to BTC if the rate is 10% in my favor”, etc.
Back when Haveno started, it seemed like they were going to go down this route, but alas, we have an overcomplex GUI and network designed for fiat on/off ramp that, while many people ask for, doesn’t bring much liquidity and doesn’t have many people use.
Mind you, it is only five months old, and there were quite a few bugs in the beginning. I can see the liquidity and the trades per day growing. As an example, it was 4.8 trades per day and then it went up to 5.8 trades per day and now it’s 8.4 trades per day on average.
That’s great, and I hope the transaction counts continue to climb, but it doesn’t address the fact Haveno designed the UX around the tail end of liquidity (fiat) instead of the bulk of liquidity (swapping)
But we have to have a fiat gateway that is not centralized and does not require KYC. Without that, the only way would be to KYC yourself. Once you are in the crypto ecosystem, going from one currency to another currency is stupid easy. But when you are in the fiat system, getting into the crypto system is hard as fuck unless you want to KYC yourself and not everybody can or wants to.
