Kraken, a well-known cryptocurrency exchange, plans to remove Monero, a privacy-focused digital currency, from its platform for users in Ireland and Belgium starting June 10. The exchange has made it clear that all Monero trading and deposits will stop from May 10. Users are advised to close any margin positions before this date to prevent forced closure.

Kraken will stop Monero withdrawals on June 10, and any remaining Monero balance will be automatically converted to Bitcoin. This action by Kraken mirrors a similar move by Binance, which delisted Monero in February. Binance had previously tagged privacy coins for monitoring in January and delisted them in Belgium in September 2023. OKX, another crypto exchange, also removed Monero, Zcash, and Dash in January.

The decision to delist Monero aligns with the upcoming EU Anti Money Laundering Regulation (AMLR), expected to be approved by the European Parliament and the Council of the EU this month. The regulation will take effect around summer 2027, prohibiting crypto exchanges from offering accounts for privacy coins. The EU's Markets in Crypto-Assets legislation (MiCA), active since June 2023 and fully enforceable from December 30, 2024, also bans crypto assets with inherent anonymization features.

Despite these changes, Monero's price has shown stability in the last 24 hours, experiencing a slight 1% decrease to $132.60.