Crypto.com has become one of the first cryptocurrency exchanges to announce the delisting of Tether’s USDt and nine other tokens in Europe, in response to the new Markets in Crypto-Assets Regulation (MiCA) framework, set to take effect on January 31. This move aligns with the European Securities and Markets Authority (ESMA)’s directive to restrict non-MiCA-compliant assets across the region.
The delisting will see Crypto.com suspend the purchase of Tether USDt (USDT) and other affected tokens, including 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), and XSGD (XSGD). While deposits for these tokens will be disabled, Crypto.com will allow users to withdraw them until March 31, 2025, giving holders until the end of Q1 to convert their holdings into MiCA-compliant assets.
In a statement, a Crypto.com spokesperson confirmed that any non-compliant tokens left after March 31 would be automatically converted to a compliant stablecoin or asset at the corresponding market value.
This regulatory shift follows the European Union’s full enforcement of MiCA regulations on December 30, 2024, after which multiple Crypto Asset Service Providers (CASPs) have scrambled to align with the new rules. Tether’s USDt, the largest stablecoin with a market cap of $139 billion, has been at the center of attention due to its non-compliance with MiCA standards. Notably, Coinbase Europe also delisted USDT in December 2024, offering its users the option to convert the token into USDC, a MiCA-compliant stablecoin.
As the MiCA framework reshapes Europe’s cryptocurrency landscape, Crypto.com’s proactive steps reflect a broader industry shift towards regulatory compliance. Exchanges across the region will likely continue to adjust their offerings as MiCA fully governs crypto markets in Europe.
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