{"id":419880,"date":"2024-05-18T00:15:33","date_gmt":"2024-05-17T23:15:33","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=419880"},"modified":"2024-05-18T00:16:53","modified_gmt":"2024-05-17T23:16:53","slug":"kraken-considers-delisting-usdt-in-europe-due-to-mica-rules","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/kraken-considers-delisting-usdt-in-europe-due-to-mica-rules\/","title":{"rendered":"Kraken considers delisting USDT in Europe due to MiCA rules"},"content":{"rendered":"<p><a href=\"https:\/\/cryptoslate.com\/companies\/kraken\/\">Kraken<\/a> could drop EU support for Tether's USDT stablecoin, Bloomberg reported on <a href=\"https:\/\/www.bnnbloomberg.ca\/kraken-actively-reviewing-tether-s-status-under-new-eu-rules-1.2074477\">May 17<\/a>.<\/p>\n<p>Kraken Global Head of Regulatory Strategy Marcus Hughes said the company is planning for circumstances in which it is &#8220;not tenable to list specific tokens such as USDT.&#8221;<\/p>\n<p>The EU's regulatory landscape is set to change when the EU's Markets in Crypto-Assets (MiCA) guidance comes into effect in July. MiCA will require companies that issue fiat-backed stablecoins, such as Tether, to register as electronic money institutions (EMIs) and meet other requirements.<\/p>\n<p>Hughes said that new regulations will reduce the number and varieties of stablecoins available in Europe depending on which firms comply with the EU's regime.<\/p>\n<p>Other statements do not describe delisting. In a separate report from The Block, a Kraken spokesperson said that the firm continually examines its global strategy and operations for compliance but has &#8220;no current plans to delist Tether or alter [its] USDT trading pairs.&#8221;<\/p>\n<h2>EU regulatory concerns<\/h2>\n<p>Tether told Bloomberg that it expects exchanges to maintain USDT as an on-ramp and off-ramp while providing EUR liquidity for European customers.<\/p>\n<p>Tether also referred to the concerns of its CTO, Paolo Ardoino, in its statement. Ardoino criticized the MiCA's &#8220;strong constraints&#8221; around reserve management and said the company does not have plans to gain regulatory approval in the EU &#8220;for the moment.&#8221;<\/p>\n<p>Other crypto exchanges have also made similar moves in recent months in anticipation of MiCA. <a href=\"https:\/\/cryptoslate.com\/companies\/okx\/\">OKX<\/a> delisted Tether for EU users in <a href=\"https:\/\/cryptoslate.com\/okx-removes-usdt-pairs-in-europe-as-new-stablecoin-regulations-loom\/\">March<\/a> but did not directly cite the upcoming regulations. The company said it would continue to support Circle's competing USDC stablecoin.<\/p>\n<p>Elsewhere, Binance France's head of legal, Marina Parthuisot, said in September 2023 said the company could delist &#8220;all stablecoins in Europe on June 30.&#8221;<\/p>\n<p>Binance's then-CEO, <a href=\"https:\/\/cryptoslate.com\/people\/changpeng-zhao\/\">Changpeng Zhao<\/a>, later said this was taken out of context and that the firm had partnered with compliant stablecoins issuers.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Kraken could drop EU support for Tether&#8217;s USDT stablecoin, Bloomberg reported on May 17. Kraken Global Head of Regulatory Strategy Marcus Hughes said the company is planning for circumstances in which it is &#8220;not tenable to list specific tokens such as USDT.&#8221; The EU&#8217;s regulatory landscape is set to change when the EU&#8217;s Markets in [&hellip;]<\/p>\n","protected":false},"author":1403,"featured_media":342754,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[77968,11,32631],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Kraken considers delisting USDT in Europe due to MiCA rules<\/title>\n<meta name=\"description\" content=\"Kraken could drop EU support for Tether&#039;s USDT stablecoin, Bloomberg reported on May 17.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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