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Kraken Has No Plans To Delist Tether’s USDT From European Crypto Exchanges, According to Executive

May 20, 2024

An executive of US-based crypto exchange Kraken is denying previous reports that the company is planning to pull the plug on leading stablecoin Tether (USDT) in the European Union (EU).

Reports of Kraken reviewing its USDT support come amid concerns that the EU may ban the largest stablecoins – USDT, USDC, and BUSD because they do not comply with the Markets in Crypto-Assets (MiCA) regulations.

In a statement on social media platform X, Kraken’s global head of asset growth and management business Mark Greenberg dismisses claims that the company is mulling over pulling out support for USDT in its European platforms. 

“Let’s be clear: Kraken continues to list USDT in Europe and we have no plans to delist at this time.”

He says Kraken is taking action to ensure that USDT will be available to its EU customers under MiCA, which will be in full effect by December 2024.

The new regulatory regime gives EU member countries a uniform legal framework for governing the digital assets market. The law covers supervision, consumer protection and environmental safeguards of crypto assets as well as measures to reduce financial crimes.

Says Greenberg,

“We know our European clients value access to USDT and we continue to look at all options to offer USDT under the upcoming regime. 

We will of course follow all legal requirements, even those we disagree with. But the rules are not finalized yet and we continue to do everything we can to continue to offer all relevant stablecoins to our European customers.”

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Featured Image: Shutterstock/Yueh Chiang