Crypto.com Delists USDT
Crypto.com informed European users that it will delist Tether’s USDT and nine other assets.
Tether’s USDT stablecoin isn’t MiCA compliant due to its lack of this license, so exchanges must delist it. The exchange added, ‘ We will halt the acquisition of the impacted assets on January 31 following the guidelines set forth by MiCA. ‘ The exchange noted.
European users who own USDT or other impacted assets have until March 31 to convert them to MiCA-compliant assets; if they don’t, they will be automatically converted to a compliant stablecoin or asset with a matching market value.
The European Securities and Markets Authority (ESMA) urged EU-based cryptocurrency exchanges on January 17 to cease offering non-compliant crypto-asset services, such as trading USDT, by the end of the month. On January 31, we will halt assets impacted by MiCA regulatory requirements.
Although MiCA notifications have been in effect for months, the new regime’s arrival is expected to disrupt the bloc’s cryptocurrency industry.
Many cryptocurrency exchanges have set up an EU base to meet MiCA regulations. Crypto.com’s European base is registered in Malta. licensed exchanges can “passport” their licenses under the MiCA framework, to provide cryptocurrency services throughout the European Economic Area.
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