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📌 As MiCA covers all of Europe, Kraken will delist USDT and four other stablecoins in Q1 2025.

Permanent link to this post: kraken removes support for five stablecoins to comply with the European Unions Markets in Cryptoassets (MiCA) regulation. Tether

– 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. (EST) on March 24 and officially close all open orders for other coins and fiat currencies.

By March 31, all remaining customer assets will be converted into stable coins with an appropriate market value.LINE_ BREAK In April 2024, Tether CTO Paolo Ardoyno noted that Europe has imposed very strict measures against stable coins and hinted that the company may leave the European cryptocurrency market after the legislation changes.

he added that Europe As far as Europe is concerned, I don’t believe that MiCA can create a favorable regulatory framework. The message is clear: Europe does not need cryptocurrencies with regulations that significantly restrict access to cryptocurrencies, especially for retail investors.

Crypto.com has also listed 10 stablecoins, including Tether’s USDT. In addition, the platform is asking customers to convert affected assets into MiCA-compliant tokens by the end of the first quarter of 2025.

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