Permanent link to this post: kraken removes support for five stablecoins to comply with the European Union's Markets in Cryptoassets (MiCA) regulation.
the platform has until March 31, 2025 to fully delist #USDT #Tether and other affected assets.
Crypto. com has already begun the delisting process, which will last until the end of the first quarter of 2025.
cryptocurrency exchange #Kraken announced that in accordance with the European Union's Market in Cryptoassets Regulation (MiCA) Under MiCA, five stablecoins, including USDT Tether, will be delisted in the European Economic Area.
The delisting will affect customers in more than 30 European countries, including Austria, Cyprus, Czech Republic, Malta, Portugal, Spain and Sweden. LINE_ BREAK BREAK The exchange also claims that the delisting process will allow it to meet regulatory requirements for cryptoassets and provide an "exceptional trading experience" for European customers.
Kraken will stop supporting the following tokens in the European Economic Area (EEA): PayPal USD, TrueUSD, Tether EURt, TerraClassic USD and Tether USDT.
This was confirmed by Mark Greenberg, head of global asset management, who said that the exchange has no plans to delist USDT in Europe and that under the new rules. This comes months after he said that the exchange would be looking for ways to offer tokens.
The crypto platform will be phasing out support for the five stable coins, first putting the assets into shorting only mode on February 13. This means that EEA customers will have to reduce existing margin positions or close them completely.
Then, on February 27, the stable coins will switch to sell only mode. In this case, the platform will allow token trading, but users will no longer be able to generate a deposit address.
The platform also announced that it will close all remaining margin positions on March 17. It will then cease spot trading of affected assets at 7 a. m.
Crypto.
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