Monero Price Drops 5% as Kraken Ends Support in EEA Amid Regulatory Changes

On October 2, COINOTAG reported a significant decline exceeding 5% in the price of Monero (XMR), which now sits at $144. This drop closely followed Kraken’s announcement regarding the cessation of Monero support within the European Economic Area (EEA) by the end of October. Kraken attributed its decision to evolving regional regulatory landscapes and confirmed a halt on all XMR market activities and deposits starting October 31. Users are required to withdraw their Monero holdings by December 31, 2024. Any Monero assets not withdrawn by this deadline will be automatically converted to Bitcoin and subsequently distributed to users by January 6, 2025.