Crypto.com announced plans to delist the stablecoin Tether's USDT for European customers starting in January 2025. This move aligns with the new MiCA regulations in Europe.
USDT Delisting in Europe: Crypto.com's Move
Crypto.com informed its users via email about the suspension of USDT support in Europe from the end of January 2025. Users are advised to convert their USDT to MiCA-compliant tokens by March 31. Those who fail to do so will face automatic conversion into another compliant stablecoin or equivalent digital asset.
Tether’s Regulatory Challenges in Europe
Tether, the largest stablecoin by market cap, faces stricter regulations in Europe under MiCA, which poses challenges. The company, however, announced plans to expand its euro-pegged offerings in Europe despite these hurdles.
Market Impact and Alternatives
Crypto.com's decision might prompt other exchanges to follow suit. European users are likely to turn to alternatives such as Circle's USDC or MiCA-compliant stablecoins.
The delisting of USDT by Crypto.com highlights the growing role of regulations for crypto exchanges in Europe. Users are encouraged to adapt in advance and explore alternatives.
