- Despite ambiguities in the regulations, Kraken will keep providing USDT in the European market.
- Regulating issues led OKX to remove the majority of USDT trading pairs from the EU in March.
Rejecting any intentions to delist Tether (USDT), top cryptocurrency exchange Kraken has declared its ongoing support for the stablecoin in the European market, according to a tweet from Mark Greenberg, Global Head of Kraken.
This choice is made in the European Union against the backdrop of increasing regulatory scrutiny and changing bitcoin laws.
Declare and Commit KrakenÂ
Kraken recently stressed in a statement how much it recognizes the value of USDT for its European clientele. “Kraken understands that European customers value the use of USDT and will continue to consider all options for offering USDT,” said the exchange.
Despite the hazy regulatory landscape, Kraken is committed to offering its users a range of stablecoin choices, as this promise from the company shows.
The Markets in Crypto-Assets (MiCA) legislation is the name of the legal framework for cryptocurrencies that the European Union has been trying to perfect.
These regulations are still being worked out, but they should drastically alter how member states handle cryptocurrencies, including stablecoins like USDT. Diverse reactions from the many exchanges in the area have resulted from this regulatory uncertainty.
Benchmarking Against Other Exchanges
Kraken made a different choice than other big exchanges. Another well-known cryptocurrency exchange, OKX, declared in March that most USDT trading pairs inside the EU would be delisted.
Given the approaching regulatory changes, OKX thought this action was a preventative one. Kraken’s approach, however, suggests a calculated decision to keep its present products and maybe grow them based on the ultimate regulatory results.
With their steady substitute for the erratic nature of conventional cryptocurrencies like Bitcoin and Ethereum, stablecoins like USDT are essential to the cryptocurrency ecosystem.
Frequently, they are used for trading, as a value store, and for moving money between exchanges with little chance of price swings.
Given the erratic economic circumstances, the availability of USDT is especially important for European clients since it offers a dependable way to participate in the cryptocurrency market.
Plans of Kraken in the Future
Kraken has pledged going forward to look into every option to make sure its European users have access to pertinent stablecoins. The proactive approach of the exchange implies that it is ready to handle the intricacies of regulations and carry on providing efficient client service. The announcement ended:
“The rules have not yet been finalized, and Kraken will continue to make every effort to continue offering all relevant stablecoins to European customers.”
Meanwhile, Kraken’s API has already said that the Mt. Gox settlement payments are about to happen. As ETHNews has already covered, this development highlights Kraken’s proactive position in the cryptocurrency market.