Kraken, one of the world’s largest cryptocurrency exchanges, has announced it will delist Tether (USDT) and four other stablecoins for users in the European Economic Area (EEA). The delisting process will take place in multiple stages, with automatic conversions of remaining holdings scheduled for March 31, 2025.
Here’s everything there is to know.
In an email to users kraken
Kraken’s decision follows increasing pressure from European regulators under the new MiCA framework, which introduces stricter rules for stablecoin issuers and exchanges. Kraken, which operates in countries like Germany, Spain, Italy, and France, is adjusting its services to ensure compliance with these regulations.
Kraken is not alone in this move. Coinbase and Crypto.com have also announced plans to phase out support for Tether in Europe, highlighting a wider trend in the region.
What Should Users Do?
Kraken encourages users to convert their affected holdings before the deadline to avoid automatic conversions after March 31, 2025.
Even though Tether is facing regulatory challenges in Europe, the company continues to thrive globally. In 2024, Tether reported a record-breaking $13 billion in net profits. Additionally, El Salvador recently welcomed Tether’s expansion, allowing the company to set up its headquarters there.
Despite losing ground in Europe, Tether’s dominance in the global crypto space remains strong.
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