Kraken, a prominent centralized cryptocurrency exchange, has announced its intentions to eliminate Monero (XMR) trading for customers in Ireland and Belgium in the coming months. Monero, a blockchain technology emphasizing privacy, debuted in 2014.

The delisting will occur in two stages. Starting from May 10, 2024, Kraken will stop accepting XMR deposits and trading for XMR. By June 10, 2024, all remaining XMR on the platform will be converted into Bitcoin (BTC), the leading cryptocurrency by market capitalization.

Kraken's announcement comes after Binance, the world's largest cryptocurrency exchange platform by volume, delisted XMR in February, causing a 32% drop in its value. Binance also removed other digital assets, including Aragon (ANT), Vaiot (VAI), Multichain (MULTI), and XMR, during a delisting spree.

The delisting of XMR by Binance resulted in a significant decrease in its value, dropping to $108.80. However, XMR has since recovered and is currently trading at $134, a 1.3% increase in the last 24 hours.

In summary, Kraken will delist Monero (XMR) from its platform for users in Ireland and Belgium, with trading and deposits halted from May 10, 2024. Any remaining XMR balances will be converted into BTC by June 10, 2024. This decision follows Binance's delisting of XMR earlier this year, which led to a significant drop in its value.