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Kraken Maintains USDT Listing in Europe Amid Regulatory Uncertainty

Kraken continues to support Tether's USDT in Europe despite regulatory pressures, contrasting with competitors like OKX which have already delisted the stablecoin.

Kraken, a major player in the cryptocurrency exchange market, remains committed to supporting Tether’s USD stablecoin (USDT) in Europe, despite facing a shifting regulatory environment and the potential for stringent new rules under the EU’s upcoming MiCA framework. Rumors of the delisting followed a Bloomberg report published on May 17, stating the Tether’s status was actively under review. Mark Greenberg, Kraken’s Global Head of Asset Growth & Management, recently affirmed this position on social media, stressing their readiness to adapt to regulatory changes while continuing to offer USDT to their European clientele.

This decision starkly contrasts with actions taken by some of Kraken’s competitors, such as OKX, which has already removed USDT for its users in the European Union and EEA. OKX now focuses on increasing euro-denominated liquidity, limiting spot trading primarily to USDC and euro pairings, although USDT is still accessible for over-the-counter transactions. This proactive approach is a response to the impending MiCA regulations, which will compel stablecoin issuers to operate as regulated electronic money institutions.

Kraken’s approach to the regulatory uncertainty is multi-faceted. The company recently terminated support for several cryptocurrencies in Germany following a new partnership with DLT Finance but expressed intentions to relist certain assets in the near future. Moreover, Kraken discontinued support for the Monero privacy token in Belgium and Ireland, while simultaneously expanding its European operations, securing key registrations and electronic money institution licenses in Spain, the Netherlands, and Ireland.

Despite these regulatory challenges, Kraken continues to enhance its service offerings across Europe. The exchange’s resilience in maintaining a diverse portfolio of stablecoins, including USDT, signals a strategic commitment to its European users. However, with MiCA’s stablecoin-specific regulations slated to take effect on June 30, and broader cryptocurrency service provider rules by the year’s end, Kraken, like all EU-based crypto entities, will need to ensure full compliance or face having to make difficult decisions regarding their asset listings.

As the regulatory landscape evolves, Kraken’s ongoing support for USDT in Europe not only highlights its dedication to meeting customer needs but also underscores the complexities and strategic maneuvers involved in navigating the burgeoning world of cryptocurrency regulations.


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