Crypto exchange Crypto.com to delist Tether’s USDT,9 others in Europe by Jan. 3

Cryptocurrency exchange Crypto.com has announced plans to delist Tether’s USDT and nine other tokens in Europe by January 31, 2025. The move aligns with the Markets in Crypto-Assets Regulation (MiCA) framework, which requires stablecoins to hold an e-money license in at least one EU member state. Users have until March 31 to convert their assets to MiCA-compliant alternatives before automatic conversions take place.

The European Securities and Markets Authority (ESMA) has mandated that all non-compliant stablecoins, including Tether’s USDT, be restricted by crypto service providers in the EU. Crypto.com follows Coinbase, which delisted USDT in October 2024 due to non-compliance with MiCA regulations. The exchange confirmed that it will continue supporting withdrawals until the first quarter of 2025.

In addition to USDT, other tokens being delisted include Wrapped Bitcoin (WBTC), Dai, and PayPal USD, among others. As MiCA regulations take full effect, exchanges are working to secure compliance, with Circle’s USD Coin (USDC) emerging as a MiCA-approved alternative. The delisting has sparked debate in the crypto community, with concerns over market impact and regulatory restrictions on stablecoins in Europe.

Source: Technext