- Kraken to delist USDT, PYUSD, and more in Europe as MiCA rules take effect.
- Affected stablecoins will be fully delisted by March 31.
- Move reverses Kraken’s 2024 stance, while Crypto.com and Coinbase also adjust to MiCA.
Crypto exchange Kraken is preparing to delist several stablecoins for clients in the European Economic Area as the EU’s Markets in Crypto-Assets Regulation takes full effect.
The exchange announced that it will gradually remove USDT, PYUSD, EURT, TUSD, and UST for EEA users, starting with margin trading restrictions on February 13.
Spot trading will be halted on March 24, with open orders canceled and assets no longer exchangeable for crypto or fiat.
Kraken said the move ensures compliance with MiCA and allows it to maintain long-term operations in Europe.
MiCA is a standardized regulatory framework for crypto assets across the EU, imposing strict requirements on stablecoin issuers. Under the rules, only licensed electronic money or credit institutions can issue fiat-backed stablecoins in the region.
This is a reversal of statements it made last year. In May, Kraken’s global head of asset management, Mark Greenberg, dismissed concerns about a USDT delisting, stating that “Kraken continues to list USDT in Europe and we have no plans to delist at this time.”
At the time, the exchange emphasized its commitment to finding ways to offer USDT under the new regulatory regime.
Exchanges adapt to MiCA
Kraken’s decision comes as other major exchanges also adjust their stablecoin offerings.
Crypto.com announced this week that it will delist USDT and nine other tokens to comply with MiCA, following the recent approval of its in-principle MiCA licence.
The exchange confirmed that users have until March 31 to convert affected assets before they are automatically exchanged for MiCA-compliant alternatives.
In December, Coinbase’s European platform also delisted several crypto assets, including USDT, that did not meet EU regulatory requirements.
Crypto market movers
- Bitcoin has lost 2% in the past 24 hours and is trading at $101,825.
- Ethereum is up 0.6% over the same period to $3,260.
What we’re reading
- Bitcoin price seen at $200,000 as supply on exchanges reaches seven-year low ― DL News
- XRP Ledger ‘Clawback’ Goes Live in Boost For Ripple USD Trading ― CoinDesk
- Why the new FDIC Leadership Isn’t Convinced Operation Chokepoint 2.0 Exists ― Unchained
- Guys, is $ETH ok? ― Milk Road
- Wallets linked to Silk Road founder Ross Ulbricht lose $12m in memecoin blunder ― DL News
Kyle Baird is DL News’ Weekend Editor. Got a tip? Email at kbaird@dlnews.com.
