- OKX’s decision to discontinue trading pairs for tether (USDT) in the European Economic Area (EEA) aligns with the forthcoming regulatory framework set by the European Union for cryptocurrencies, particularly the Markets in Crypto-Assets (MiCA) regulations.
- By proactively delisting USDT pairs ahead of the full implementation of MiCA on December 30, 2024, OKX aims to ensure compliance with EU laws and mitigate potential regulatory risks.
As the European Union (EU) gets ready to adopt a complete legal framework for cryptocurrencies, OKX is gradually discontinuing trading pairs for tether (USDT -0.06% USDT -0.06) in the European Economic Area (EEA), The Block has learned exclusively.
According to a spokesman, the fourth-biggest cryptocurrency exchange globally based on trading volume is dropping support for USDT trading pairs. The delisting occurs a few months ahead of the EU’s planned December 30, 2024, complete implementation of MiCA. The use of some stablecoins in the area will be restricted by the rule.
Delisting “supports the launch of Euro on-ramps for EEA based customers,” a representative said, clarifying that only a “small subset” of the company’s user base is impacted.
The OKX spokesperson continued by saying that the exchange has increased the range of products it offers to users in the EEA, including Euro pairs and a number of Euro fiat onramps.
On Monday, a customer service agent informed traders in the European Economic Area that they would no longer have access to Tether as of March 14. However, as of March 15, traders in the EEA could still access USDT pairs, as indicated on OKX’s website.
An email about the delisting that some traders in the area got from OKX mentioned the impending change in the regulatory system, but it did not specifically link the delisting to MiCA.
The email, examined, said, “Please note that not all tokens are available in all markets due to regulatory requirements.”
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Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
