An executive at US-based cryptocurrency exchange Kraken has denied previous reports that the company plans to pull the plug on leading stablecoin Tether (USDT) in the European Union (EU).
Reports of Kraken reviewing its USDT support come amid concerns that the EU could ban the largest stablecoins – USDT, USDC and BUSD – for not complying with Markets in Crypto-Assets (MiCA) regulations.
In a statement on social media platform claims that the company is considering withdrawing support for USDT on its European platforms.
“Let us be clear: Kraken will continue to list USDT in Europe and we have no plans to delist at this time.”
He says Kraken is taking action to ensure USDT will be available to its EU customers under MiCA, which will be in full effect by December 2024.
The new regulatory regime gives EU member states a uniform legal framework for governing the digital assets market. The law covers supervision, consumer protection and environmental safeguards of crypto assets, as well as measures to reduce financial crimes.
Say Groenberg,
“We know our European customers value access to USDT and we continue to explore all options to offer USDT under the upcoming regime.
We will of course comply with all legal requirements, even those with which we disagree. But the rules are not yet final and we will continue to do everything we can to continue offering all relevant stablecoins to our European customers.”
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Featured image: Shutterstock/Yueh Chiang