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Kraken Delists 5 Stablecoins for EU Compliance

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by Giorgi Kostiuk

a month ago

Cryptocurrency exchange Kraken has announced its plans to prepare for new European regulations by delisting five stablecoins, including Tether’s USDt.

Plans for Stablecoins Delisting

Kraken will fully delist USDt by March 31 to comply with the Markets in Crypto-Assets Regulation (MiCA). Alongside USDT, the exchange will gradually remove support for PayPal USD, Tether EURt, TrueUSD, and TerraClassicUSD in the European market.

Gradual Delisting Process

To ensure a smooth delisting process, Kraken will implement a 'reduce-only' mode starting February 13. By February 27, affected assets will be set to 'sell-only' mode, and all spot trading will cease by March 24.

All remaining EEA client holdings for these assets as of March 31, 2025, will be converted to an equivalent stablecoin.

Role of ESMA

The European Securities and Markets Authority (ESMA) emphasized the importance of a gradual delisting process to avoid market disruptions and urged for smooth transitions by crypto exchanges.

Kraken and other exchanges are taking steps to comply with European regulations, highlighting the need for orderly transitions to avoid market disruptions.

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