Get ready for some side-splitting drama as Kraken, the infamous crypto exchange, bids adieu to Tether (USDT) and four other stablecoins in the EEA region!
Why, you ask? Well, darling, it’s all in the name of complying with Europe‘s strict crypto regulations under the oh-so-exciting MiCA framework. These new rules have set their sights on stablecoins, and Kraken’s not about to break the law—not when there’s so much laughter to be had!
The unlucky stablecoins facing Kraken’s wrath include Tether (USDT), PayPal USD (PYUSD), Euro Tether (EURT), TrueUSD (TUSD), and TerraClassicUSD (UST). Kraken’s giving users plenty of time to swap their stablecoins before the final cut-off. But, my dear, if you’re still holding onto them after March 31, 2025, your balances will be automatically converted into a different stablecoin that follows the rules. Talk about tough love!
Kraken’s got a whole schedule planned for winding down these services. On February 13, 2025, margin trading in these stablecoins will enter “reduce-only” mode, and users won’t be able to make new positions. By February 27, trading will enter “sell-only” mode, and users won’t be able to purchase these stablecoins. All margin positions will be forced out on March 17, with spot trading and any active orders fully cancelled by March 24.
Now, don’t you worry, these changes only impact people located in the EEA—that’s Germany, Spain, France, Sweden, and 26 other countries. So, if you’re not from there, you can keep on using your stablecoins like there’s no tomorrow!
But wait, there’s more! Other exchanges are following suit. Crypto.com has already stopped offering USDT and nine other stablecoins as of today. And Coinbase delisted USDT and other stablecoins from its European platform last December. What a bunch of copycats!
So, buckle up, folks! It’s going to be a wild ride as Kraken and other exchanges bid farewell to these stablecoins. 💥💥💥
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2025-02-01 19:16