Exchanges Binance and Kraken Retire USDT Spot Trading Pairs within EEA to Adhere to MiCA Regulations
Getting Ready for MiCA: Binance and Kraken Lead the Way in European Compliance
It's crunch time as the Markets in Crypto-Assets Regulation (MiCA) approaches, and major exchanges like Binance and Kraken are stepping up to the plate! These heavy-hitters are shaking things up in the European Economic Area (EEA) by axing spot trading pairs with Tether's USDt and other non-compliant tokens.
You heard it right! Binance, as part of its March 31, 2025 deadline preparation, is following through on previous promises by delisting non-MiCA compliant assets. EEA users can still hold onto the removed tokens and trade 'em through perpetual contracts, but no more spot trading action for those pairs. Cointelegraph has the scoop.
But Wait, There's More!
Binance isn't hogging the spotlight all to itself. Kraken, another trading titan, is also enforcing MiCA regulations by restricting USDT and other non-compliant assets in the EEA beginning March 24. Kraken users can only sell their delisted tokens within the EEA; purchase is no longer an option.
The crypto shakeup doesn't stop there! Binance is phasing out spot trading pairs for big names like Dai (DAI), First Digital USD (FDUSD), and TerraUSD (UST), just to name a few. Kraken, on the other hand, is dealing with USDT, PayPal USD (PYUSD), Tether EURt (EURT), and TerraClassicUSD.
The Future is Bright (and Compliant)
With MiCA enforcement edging closer, additional exchanges may need to follow suit to keep their operations in the EEA market compliant. Other notable players, like Coinbase and OKX, may not be delisting non-compliant tokens right now, but they're feeling the pressure to align with MiCA regulations. Meanwhile, KuCoin is working to secure a MiCAR license in Austria, which hints at their pursuit of MiCA compliance.
Welcome to the new era of crypto compliance, folks! Stay tuned for more updates as MiCA carries on its regulatory march.
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Finance-related decisions are being made as major exchanges like Binance and Kraken adapt to MiCA regulations, delisting non-compliant assets and tokens as they prepare for the MiCA enforcement. Other notable players, such as Coinbase and OKX, might also need to align with MiCA regulations to keep their operations in the European Economic Area market compliant.
