Crypto.com announces it will remove Tether’s USDT from its exchange in the EU
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Crypto.com is delisting Tether’s USDT. The move is a response to the European Union’s MiCA regulations.
Crypto.com, the second biggest global crypto exchange after Binance, informed European Union users that it intends to delist Tether’s USDT, along with nine other assets, to comply with the new EU regulations.
The Markets in Crypto Assets Regulation, or MiCA, became effective in June. It mandates that any company within the 27-nation bloc must be registered as an electronic money institution to issue a stablecoin.
Since Tether lacks this license, its USDT stablecoin does not conform to MiCA, and exchanges are required to delist the asset.
“In line with MiCA regulatory requirements, we will suspend the purchase of affected assets on the 31st January,” a spokesperson from Crypto.com told DL News.
European users holding USDT or other affected assets will have until March 31 to convert them to MiCA-compliant assets. Otherwise, they will be automatically converted to a compliant stablecoin or asset of corresponding market value, according to the spokesperson.
On January 17, The European Securities and Markets Authority, ESMA, urged EU-based crypto exchanges to cease providing non-compliant crypto-asset services, such as offering USDT for trading, by the end of the month.
New EU rules
Despite notifications of MiCA being issued for months, the commencement of the new regime is expected to disrupt crypto business within the bloc.
In April, legal analysts informed DL News that the ambiguity surrounding the enforcement of the MiCA rules could lead to numerous significant crypto asset delistings.
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Tether’s USDT is currently the largest stablecoin globally, with $139 billion in circulation. In comparison, Circle’s USDC, the second-largest stablecoin, has $52 billion.
Over the past year, Crypto.com has seen a surge in popularity. The Singapore-based exchange overtaken Coinbase in October and recorded a record $324 billion in trading volume in December.
Crypto.com is not the first exchange to delist Tether due to MiCA. In December, Coinbase’s European version removed several crypto assets, including USDT, that did not comply with EU regulations.
Other assets
Tether’s USDT is not the only asset affected by the enforcement of the MiCA rules.
Crypto.com announced that it will also delist nine other assets, including Wrapped Bitcoin, PayPal USD, Sky’s DAI stablecoin, as well as the exchange’s own staked versions of Ether and Solana tokens, among others.
In November, Coinbase also delisted Wrapped Bitcoin.
According to court documents, Coinbase suspected that Justin Sun, the billionaire founder of the Tron blockchain, exerted “potential control” over the asset.
In a lawsuit filed in federal court in San Francisco on December 13, wBTC issuer BitGo accused Coinbase of abusing its market power and dumping wBTC in favor of listing its own version of wrapped Bitcoin.
Coinbase had denied the allegations and asked the court to dismiss the lawsuit. Sun did not respond to requests for comment at the time.
Crypto market movers
Bitcoin traded flat in the past 24 hours at around $102,607. Ethereum is down 1.4% over the same period to $3,138.
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Tim Craig is DL News’ Edinburgh-based DeFi Correspondent. Reach out with tips at tim@dlnews.com.
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