Kraken is making big moves to align with new European regulations. If you trade stablecoins in the European Economic Area (EEA), here’s what you need to know before the upcoming deadlines.
What’s changing?
Kraken is phasing out the following stablecoins for EEA clients:
- Tether (USDT)
- Tether EURt (EURT)
- TrueUSD (TUSD)
- PayPal USD (PYUSD)
- TerraUSD Classic (USTC)
Important dates to watch
- February 13, 2025 – Margin trading for these stablecoins switches to reduce-only. No new positions can be opened, but existing ones can be closed.
- February 27, 2025 – Spot trading moves to sell-only, and new deposit addresses will no longer be available.
- March 17, 2025 – Any remaining margin positions involving these stablecoins will be automatically closed.
- March 24, 2025 – All spot trading for these stablecoins will be removed. Open orders will be canceled, and no further exchanges will be allowed.
- March 31, 2025 – Any remaining balances in these stablecoins will be converted to an equivalent stablecoin.
What this means for you
- If you hold any of these stablecoins, you should sell, trade, or withdraw them before March 24.
- If you do nothing, your balance will be automatically converted on March 31.
- Opt-in reward balances will continue earning rewards, with USDT balances switching to another stablecoin.
Who is affected?
These changes apply to Kraken users in the EEA, including Germany, France, Spain, Italy, and several other countries.
Kraken is adapting to the evolving regulatory landscape to ensure compliance while maintaining a secure and efficient trading experience. Stay ahead of the changes by managing your stablecoin balances before the deadlines. For full details, visit Kraken’s official support page.