Crypto exchange Kraken has announced plans to end support for Tether and other stablecoins for its European clients due to new European Union regulations.
Reasons for Tether Delisting on Kraken
By March 31, Kraken will delist the Tether stablecoin for users in the European Economic Area. This decision follows new rules established under the European Union's Markets in Crypto Assets Regulation (MiCA).
Other Crypto Exchanges Follow Suit
Kraken is the third major crypto exchange to announce plans to delist Tether based on MiCA. Coinbase and Crypto.com have also shared plans to end support for the largest stablecoin in the crypto industry in Europe.
Impact on Tether and Its Strategies
Despite the wave of delistings, Tether's strong profits and expansion efforts may help cushion potential losses in the European market. The firm reported a record $13 billion in net profits in 2024. Bitcoin-friendly nation El Salvador has also opened its doors to Tether.
Kraken's decision to end support for Tether for European users highlights the impact of new EU regulatory requirements on the crypto market. It underscores the need for crypto companies to adapt to evolving regulations.
