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Kraken considers ending USDT support in the EU

Kraken considers ending USDT support in the EU

  • Kraken is reportedly considering pulling support for the stablecoin USDT in Europe.
  • The exchange’s plans come amid the push for compliance ahead of EU’s crypto regulations MiCA.
  • Crypto exchange OKX ended its USDT trading support in the EU in March.

Kraken is considering a move that would see the crypto exchange end its support for the Tether (USDT) stablecoin in Europe.

A Bloomberg report published on Friday, May 17, noted that the crypto exchange was “actively reviewing” this position.

Kraken eying USDT delisting ahead of EU’s MiCA rules

According to the report, Kraken is looking at ending USDT support for the market ahead of the region’s Markets in Crypto-Assets (MiCA) regulation roll out date.

The delisting of USDT for the exchange’s EU users is part of the compliance procedure.

Crypto exchanges and other providers with operations in the EU know that MiCA’s stablecoin rules are set to come into effect on June 30, 2024. The comprehensive regulatory framework also includes rules targeted at cryptocurrency service providers – these will take effect on December 30, 2024.

Kraken is “absolutely planning for all eventualities,” Marcus Hughes, the exchange’s global head of regulatory strategy, told Bloomberg. The crypto platform will take a firm position on this in due course, the official added.

If it takes this step, Kraken will join OKX which ended support for USDT trading pairs on its European platform in March.

Tether is currently the world’s largest USD-pegged stablecoin with over $110 billion in market cap, accounting for 68.7% of the $160 billion market. According to data from CoinGecko, USDT is currently available across 347 exchanges.

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