Kraken Denies Rumors of Delisting Tether in Europe; Expands European Operations
Summary:
Kraken, a cryptocurrency exchange, dispels rumors of delisting Tether (USDT) in Europe, stating they have "no immediate plans" to do so. Despite contemplating adjustments to align with the European Union's forthcoming Markets in Crypto Assets Regulation, Kraken assures it will stay compliant with all legal requirements. The firm recently expanded its European operations, securing registrations in Spain and the Netherlands, and obtaining an electronic money institution license in Ireland.
Despite rumors stating Cryptocurrency exchange Kraken is close to delisting Tether (USDT) in Europe, the firm has announced they have "no immediate plans" for such an action. This statement was made by Mark Greenberg, Kraken's global director of asset expansion and oversight, in an X post dated May 18. Greenberg insisted that despite any disagreements, the company will maintain compliance with all regulatory mandates, stressing that no final rulings have been made. "We remain committed to providing our European clientele with all pertinent stablecoins,” Greenberg asserted.
According to an article published by Bloomberg on May 17, Kraken was considering changes to remain in line with the European Union's forthcoming Markets in Crypto Assets Regulation (MiCA) guidelines. "We're thoroughly preparing for any and all possibilities, including those where delisting certain tokens such as USDT becomes necessary,” Marcus Hughes, Kraken's worldwide director of regulatory strategy, stated. He added that they are attentively reviewing the situation and will formulate definitive strategies as the circumstances become clearer.
According to the MiCA guidelines, rules for stablecoins will be enforced on June 30, while rules governing cryptocurrency service providers will be imposed six months later on December 30.
Unlike Kraken, its staggering competitor, OKX, announced its decision to delist USDT in Europe as early as March. Binance revealed plans last September to follow their lead for MiCA compliance reasons, but so far has not acted on those plans. Recently, Kraken stopped offering support for the Monero privacy token (XMR) for its customers in Belgium and Ireland in April.
Kraken, on the other hand, is ramping up its Europe expansion efforts. They recently obtained registrations as a virtual asset service provider in Spain and Netherlands, and acquired an electronic money institution license in Ireland.
Published At
5/20/2024 3:29:58 AM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.