Crypto.com has confirmed it will delete Tether’s USDT and nine other tokens in Europe, following the Markets in Crypto-Assets Regulation (MiCA) framework. The exchange will suspend purchases of these tokens on Jan. 31, aligning with European regulatory requirements.
The decision follows the EU’s full enforcement of MiCA at the end of 2024, which mandates that stablecoins must be licensed as e-money within the European Economic Area (EEA). While deposits will be disabled, users can still withdraw affected tokens until the end of Q1 2025, with full delisting scheduled for March 31.
Crypto.com Delists Other 9 Tokens
Besides USDT, Crypto.com will delist tokens like Wrapped Bitcoin (WBTC), Dai (DAI), Pax Dollar (PAX), and PayPal USD (PYUSD).
Another one, this time @cryptocom delisting $USDT, $WBTC and others in Europe@justinsuntron @paoloardoino pls fix pic.twitter.com/cSJGm6Ax2h
— Wazz (@WazzCrypto) January 28, 2025
Users will have until March 31 to convert their holdings into MiCA-compliant assets. If they do not take action by then, their holdings will be automatically swapped for a compliant stablecoin or an asset of equivalent market value.
The European Securities and Markets Authority (ESMA) has pushed crypto asset service providers (CASPs) to restrict non-compliant stablecoins by Jan. 31.Â
The move by Crypto.com follows similar USDT delistings from other exchanges, including Coinbase, which removed the establecoin from its European platform in December 2024. Similarly, the exchange allowed users to convert their holdings into MiCA-compliant alternatives such as USD Coin (USDC).
In December of 2024, Tether added $700 million worth of Bitcoin (BTC) to its reserves as part of its efforts to diversify its portfolio, but the timing came as rumors of potential delistings in Europe grew bigger.Â
Since MiCA came into full force on Dec. 30, 2024, many European CASPs have secured licenses under the new framework. It seems Mlata is the new hub for crypto companies in Europe, as many exchanges, including Coinbase and Crypto.com, are establishing their businesses there.
Disclaimer
This article is provided for information only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
