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Binance terminated the trading capability of USDT spot pairs for all users based in the European Economic Area. The exchange implemented this decision to meet requirements set by MiCA, which seeks to establish uniform crypto regulation throughout Europe. The exchange completed the token delisting by March 31 to satisfy legislative deadlines affecting unauthorized digital assets. However, users in the EEA can access USDT ownership and perpetual contracts trading capabilities.
Other exchanges, like Kraken, followed a similar path. Kraken restricted USDT to sell-only mode in the EEA on March 24, halting purchases entirely. The European Securities and Markets Authority (ESMA) allows the holding of non-compliant tokens under MiCA however it prohibits their trading after March 31. The combination of European regulatory requirements with user flexibility generates a dual framework which guides how Europeans conduct activities with stablecoins.
The leading stablecoin issuer Tether invested 8,888 Bitcoin in the first quarter of 2025. Tether acquired Bitcoin worth $735 million through this transaction which pushed its Bitcoin reserves to 92,646 bitcoins valued at $7.8 billion. The transaction which Tether processed on April 1 supports their ongoing strategy to dedicate 15% of quarterly profits toward Bitcoin since May 2023. The company now ranks as the sixth-largest holder of Bitcoin in a single wallet.
Despite a 12% drop in Bitcoin’s price during Q1—the worst since 2018—Tether’s investment yields $3.86 billion in unrealized gains. The firm also reported a $13 billion profit in 2024, fueled by U.S. Treasury interest and asset gains. Beyond Bitcoin Tether expands into mining, energy and AI, diversifying its portfolio while addressing calls for a full financial audit.
Backpack, founded by former FTX executives, began a fund claim process for FTX’s EU customers on April 1. The upcoming initiative requires customers to verify their identity first before sharing details about fund withdrawals later. The action aligns with FTX’s global bankruptcy recovery process, which received U.S. court approval in October 2024. Backpack finalized its purchase of FTX's European part in December while acquiring the ability to provide services to EU customers.
The repayment plan of FTX’s $13 billion fund continues to advance through this initiative. Kraken and BitGo manage the distribution process, which ensures the timely payment of “convenience class” claims up to $50,000 along with 9% interest by April 11. Large claim adjustments will start their distribution period on May 30. The FTX recovery targets European customers through Backpack, which supports the resolution process of FTX's November 2022 collapse.
