Kraken could drop EU support for Tether’s USDT stablecoin, Bloomberg reported on May 17.Kraken Global Head of Regulatory Strategy Marcus Hughes said the company is planning for circumstances in which it is “not tenable to list specific tokens such as USDT.”The EU’s regulatory landscape is set to change when the EU’s Markets in Crypto-Assets (MiCA) guidance comes into effect in July. MiCA will require companies that issue fiat-backed stablecoins, such as Tether, to register as electronic money institutions (EMIs) and meet other requirements.Hughes said that new regulations will reduce the number and varieties of stablecoins available in Europe depending on which firms comply with the EU’s regime.Other statements do not describe delisting. In a separate report from The Block, a Kraken spokesperson said that the firm continually examines its global strategy and operations for compliance but has “no current plans to delist Tether or alter [its] USDT trading pairs.”Tether told Bloomberg that it expects exchanges to maintain USDT as an on-ramp and off-ramp while providing EUR liquidity for European customers.Tether also referred to the concerns of its CTO, Paolo Ardoino, in its statement. Ardoino criticized the MiCA’s “strong constraints” around reserve management and said the company does not have plans to gain regulatory approval in the EU “for the moment.”Other crypto exchanges have also made similar moves in recent months in anticipation of MiCA. OKX delisted Tether for EU users in March but did not directly cite the upcoming regulations. The company said it would continue to support Circle’s competing USDC stablecoin.Elsewhere, Binance France’s head of legal, Marina Parthuisot, said in September 2023 said the company could delist “all stablecoins in Europe on June 30.”Binance’s then-CEO, Changpeng Zhao, later said this was taken out of context and that the firm had partnered with compliant stablecoins issuers.Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada’s West Coast.AJ, a passionate journalist since Yemen’s 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting. Essential crypto updates and analyses. Straight to your inbox, every day.The Bavarian authority, where Worldcoin’s main European office is located, is expected to conclude its investigation in the coming weeks.The bank will also support Bitpanda’s treasury and payment processes.Binance said it intends to implement a phased approach to meet the new stablecoin regulations in Europe.Intelligent streetlights in Tuzla to be connected via Lunaº Mesh’s secure, decentralized network.CryptoSlate’s latest market report dives deep into the effects corporate Bitcoin purchases have on the market.Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
