(MENAFN- eTrendy Stock)
Kraken is joining other exchanges in delisting USDT due to compliance with the Markets in Crypto-Assets (MiCA) regulation.
The delisting will occur in phases, with all remaining holdings automatically converted by March 31, 2025, to a compliant stablecoin like USD Coin (USDC).
In a blog post, Kraken stated:
Kraken Delists USDT and Other Non-Compliant Tokens
Alongside USDT, the affected stablecoins include PayPal USD (PYUSD), Euro Tether (EURT), TrueUSD (TUSD), and TerraUSD (UST). The process begins on February 13, 2025, when margin trading for these assets will be set to“reduce-only” for EEA clients. By February 27, spot trading will transition to“sell-only” mode, and new deposit addresses for these stablecoins will no longer be generated.
By March 17, any outstanding margin positions involving these assets will be automatically closed, while spot trading will be completely disabled by March 24, with all open orders being canceled. After March 31, 2025, any remaining holdings in these assets will be automatically converted to a MiCA-compliant stablecoin, and deposits of these delisted assets will be restricted to withdrawals only.
Kraken, which operates Virtual Asset Service Provider (VASP) services across Germany, Spain, Italy, the Netherlands, Belgium, Ireland, France, and Poland, indicated back in May 2024 that it could delist USDT to align with MiCA laws.
But it's now official, and Kraken's move follows similar actions taken by other major exchanges. As CryptoMode reported, Crypto recently announced it would delist USDT along with nine other stablecoins in Europe by January 31, 2025, with users allowed to withdraw their holdings until March 31.
MENAFN01022025007158015398ID1109155158
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.