Kraken Maintains USDT Listing in Europe Despite Regulatory Scrutiny
Cryptocurrency exchange Kraken has “no plans” to delist Tether (USDT) in Europe at the moment although a recent report suggests that the company is “actively reviewing” its compliance decision.
“Kraken continues to list USDT in Europe and we have no plans to weave USDT listings at this time,” Mark Greenberg, Kraken’s head of global asset development and management, said in a May 18 X post.
The company will continue to follow all legal requirements even those with which they disagree Greenberg reiterated. “But the legislation is not yet finalized and we are doing our best to continue offering all the right hard currencies to our European customers.”
A May 17 article from Bloomberg reported that Kraken is “actively reviewing” plans to comply with the European Union’s upcoming Markets in Crypto Assets Regulation (MiCA).
“We fully plan for all possibilities, including listing specific tokens like USDT that just shouldn’t hold,” said Marcus Hughes, Kraken’s head of global regulatory strategy at the time. “It’s something we’re actively reviewing, and as the situation becomes clearer, we can make a firm decision.”
Under MiCA, the rules for stablecoins will come into force on June 30, while the cryptocurrency service provider rules will come into effect on December 30, six months later. OKEX, one of Kraken’s biggest competitors, moved in March to delist USDT in Europe.
Binance announced plans to make such a decision last September citing the need to comply with MiCA but has yet to follow through on those plans. Kraken recently ended support for the Monero private XMR $131 token for its Belgium and Ireland customers in April.
Meanwhile, the crypto exchange continues to expand its services in Europe. It recently granted virtual asset service provider registrations in Spain and the Netherlands, and electronic banking licenses in Ireland.
Conclusion: As the cryptocurrency market continues to evolve, Kraken’s approach could serve as a model for balancing innovation and compliance. The USDT movement on Kraken in Europe is likely to play an important role in maintaining market liquidity and stability in the region.
