Kraken withdraws intrusive Monero compliance demands but maintains $1,500 30-day withdrawal cap for individuals

Kraken has withdrawn compliance demands sent to Monero (XMR) customers, which requested information about employers, sources of funds, and intended use of the cryptocurrency, after co-CEO Arjun Sethi admitted the requests were unjustified and not required by regulation. Sethi clarified that verifying the origin of funds is fair, but questioning post-withdrawal use is unacceptable. However, Kraken retains a $1,500 rolling 30-day withdrawal cap for individuals, while maintaining existing anti-money-laundering obligations that allow requests for bank statements and investment records. Note that Kraken discontinued XMR trading and deposits for EEA clients on Oct. 31, 2024, with a deadline of Dec. 31, 2024, for withdrawals before automatic conversion to Bitcoin.