UK Monero (XMR) Conversion FAQ
This article aims to answer any questions you may have, as a UK client, about the conversion of Monero (XMR) into Bitcoin (BTC).
Kraken’s UK legal entity does not support exchange or custody of XMR and as such has to liquidate the current holdings to comply with the regulatory requirements.
We are converting XMR balances to BTC to ensure that our clients' funds remain accessible and to comply with the ongoing regulatory framework. BTC is a widely accepted cryptocurrency.
The auto-conversion of all remaining XMR balances to BTC will take place on 30 July, 2024. Clients will be notified every step of the way around the conversion.
Once the auto-conversion has been completed, your new balance will be reflected in your account.
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If you’re using the Kraken interface, go to Transactions > History.
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If you’re using the Kraken Pro, go to the History tab.
The conversion rate from XMR to BTC will be determined based on the market rates at the time of conversion on 30 July, 2024.
There will be no fees for the auto-conversion of XMR to BTC. The conversion will be conducted at the prevailing market rate on 30 July, 2024 without any extra charges to clients.
Unfortunately, we are only able to convert XMR to BTC. If you wish to convert your BTC to another cryptocurrency or cash, you will be able to do so after the conversion process is completed.
No, withdrawals of XMR have been halted for UK clients and your residual XMR balance will be automatically converted to BTC as per the announced schedule.
If you have any further questions, please feel free to reach out to our Support team.