Crypto.com announced that it will suspend the purchase of Tether's USDt and nine other cryptocurrencies in compliance with Europe's new Markets in Crypto-Assets Regulation (MiCA) framework. The delisting will take effect on January 31, as confirmed by a spokesperson for the exchange , News.az reports citing Investhing.
The affected tokens, including Wrapped Bitcoin and Dai, will no longer be available for deposit on the platform. However, Crypto.com will support withdrawals of these tokens until March 31, 2025. After this date, any remaining holdings will be automatically converted into MiCA-compliant assets of equivalent market value.
The decision follows the European Securities and Markets Authority's (ESMA) call for crypto asset service providers in the EU to restrict non-MiCA-compliant stablecoins. The delistings are part of a broader movement within the European Union to regulate the cryptocurrency market, with full enforcement of the MiCA regulations having commenced on December 30.
Coinbase (NASDAQ:COIN), another major cryptocurrency exchange, had previously announced the delisting of USDT in October 2024, following through in mid-December and offering conversions to compliant stablecoins like Circle's USD Coin. Despite Coinbase's early move, some EU-based crypto service providers continued to trade USDT until the ESMA's directive.
As the largest stablecoin by market capitalization, USDT's presence in the EU is significant, with a valuation of $139 billion. In contrast, its primary competitor, USDC, which has been recognized as MiCA-compliant, holds a market cap of $52 billion. This shift in the crypto market landscape comes as service providers and exchanges adapt to the evolving regulatory environment in Europe.
The affected tokens, including Wrapped Bitcoin and Dai, will no longer be available for deposit on the platform. However, Crypto.com will support withdrawals of these tokens until March 31, 2025. After this date, any remaining holdings will be automatically converted into MiCA-compliant assets of equivalent market value.
The decision follows the European Securities and Markets Authority's (ESMA) call for crypto asset service providers in the EU to restrict non-MiCA-compliant stablecoins. The delistings are part of a broader movement within the European Union to regulate the cryptocurrency market, with full enforcement of the MiCA regulations having commenced on December 30.
Coinbase (NASDAQ:COIN), another major cryptocurrency exchange, had previously announced the delisting of USDT in October 2024, following through in mid-December and offering conversions to compliant stablecoins like Circle's USD Coin. Despite Coinbase's early move, some EU-based crypto service providers continued to trade USDT until the ESMA's directive.
As the largest stablecoin by market capitalization, USDT's presence in the EU is significant, with a valuation of $139 billion. In contrast, its primary competitor, USDC, which has been recognized as MiCA-compliant, holds a market cap of $52 billion. This shift in the crypto market landscape comes as service providers and exchanges adapt to the evolving regulatory environment in Europe.
