Kraken, a prominent cryptocurrency exchange, announced its decision to conclude support for the Monero (CRYPTO:XMR) privacy coin for users in Ireland and Belgium.

The move will see the cessation of trading and deposit activities for XMR from May 10, necessitating all margin trading positions related to Monero to be settled by the deadline or be automatically closed by the exchange.

This decision leads to the complete delisting of Monero on Kraken's platform for Irish and Belgian customers by June 10, effectively ending withdrawal services for the XMR token for these users.

In addition, any remaining Monero balances on Kraken after this deadline will be automatically converted into Bitcoin, signaling a significant shift for users holding Monero in the affected regions.