Crypto exchange Crypto.com has announced it will begin delisting Tether (USDT) and nine other digital assets for European users starting January 31, 2025. The move comes in response to new MiCA (Markets in Crypto-Assets Regulation) rules set to take effect in the EU this year.
Key Details of the Delisting
According to the exchange, users will no longer be able to purchase USDT and other affected tokens. However, withdrawals will remain available until the end of Q1 2025, with the complete removal of these assets scheduled for March 31, 2025.
Crypto.com has advised users to convert their holdings into MiCA-compliant tokens before the deadline. Otherwise, the exchange will automatically convert the assets into regulated digital tokens at the current market rate.
List of Delisted Assets
In addition to USDT, the following tokens will also be removed due to MiCA regulations:
- Wrapped Bitcoin (WBTC)
- Dai (DAI)
- Pax Dollar (PAX)
- Pax Gold (PAXG)
- PayPal USD (PYUSD)
- Crypto.com Staked ETH (CDCETH)
- Crypto.com Staked SOL (CDCSOL)
- Liquid CRO (LCRO)
- XSGD (XSGD)
The decision follows directives from the European Securities and Markets Authority (ESMA), requiring crypto platforms to discontinue support for non-compliant stablecoins under MiCA.
USDT Delisting on OKX
Crypto.com is not the only exchange taking action. A leaked screenshot from OKX previously revealed that the platform will also delist USDT for European users.
Key details from OKX’s announcement:
- January 31, 2025 – European users will no longer be able to deposit USDT.
- Until March 31, 2025 – Users can trade or withdraw USDT.
- After March 31, 2025 – USDT will be completely removed from the platform.
OKX cited regulatory compliance as the reason for the decision. The exchange was the first platform to receive a preliminary MiCA license, allowing it to expand operations in Europe.
Impact on the Market
The removal of USDT could impact crypto liquidity in Europe, as Tether is the most widely used stablecoin in digital asset trading. Some traders have already shifted to fiat trading pairs, but this transition could increase volatility and complicate transactions.
The biggest beneficiary may be USD Coin (USDC), which is fully MiCA-compliant and widely supported by exchanges. USDC undergoes monthly audits, holds reserves in regulated banks, and adheres to strict U.S. financial standards. If more exchanges follow Crypto.com and OKX, USDC could replace USDT as the dominant stablecoin in Europe.
This post is for informational purposes only and is not an ad or investment advice. Please do your own research making any decisions.