On February 1, 2025, cryptocurrency exchange Kraken announced a phased delisting of five stablecoins, including Tether's USDt, to comply with European regulations. This move is part of adherence to the European Securities and Markets Authority (ESMA) guidelines.
The delisting process will begin on February 13, 2025, when margin pairs involving the affected assets will switch to 'reduce-only' mode for clients in the European Economic Area (EEA). By February 27, trading will be restricted to 'sell-only' mode, and all spot trading will cease on March 24, 2025.
Kraken will convert any remaining client holdings of these assets as of March 31, 2025, into a compliant stablecoin. The delistings will only affect clients in the EEA, which includes 30 countries such as Austria, Spain, and Sweden.
This announcement follows Crypto.com's similar decision to delist USDT and nine other stablecoins starting January 31, 2025, highlighting a broader trend among exchanges to comply with upcoming MiCA regulations.