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Kraken Affirms No Plans to Delist Tether in Europe Amid MiCA Compliance Review

Cryptocurrency exchange Kraken has stated it has “no plans” to delist Tether (USDT) in Europe, contrary to a recent report suggesting the firm was “actively reviewing” the decision to remain legally compliant.

“[Kraken] continues to list USDT in Europe and we have no plans to delist at this time,” said Mark Greenberg, Kraken’s global head of asset growth and management, in a May 18 X post.

Greenberg emphasized that the firm will adhere to all legal requirements, even those it disagrees 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.”

A May 17 Bloomberg article had reported that Kraken was “actively reviewing” plans to comply with the European Union’s upcoming Markets in Crypto-Assets Regulation (MiCA) framework.

“We’re absolutely planning for all eventualities, including situations where it’s just not tenable to list specific tokens such as USDT,” said Marcus Hughes, Kraken’s global head of regulatory strategy, at the time.

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“It’s something that we’re actively reviewing, and as the position becomes clearer, we can take firm decisions on that.”

The rules governing stablecoins under MiCA are set to take effect on June 30, while the broader rules for cryptocurrency service providers will come into force six months later on December 30.

One of Kraken’s major competitors, OKX, delisted USDT in Europe in March.

Binance also announced similar plans last September, citing the need to comply with MiCA, but has yet to follow through.

In April, Kraken ceased support for the Monero privacy token for its customers in Belgium and Ireland.

Despite these regulatory challenges, Kraken has been expanding its services in Europe.

The exchange recently secured a virtual asset service provider registration in Spain and the Netherlands, along with an electronic money institution license in Ireland.

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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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