OKX, the world's fourth largest cryptocurrency exchange by trading volume, is cutting support for Tether (USDT) trading pairs in countries in the European Economic Area (EEA).
This move comes as the European Union (EU) prepares to implement a comprehensive regulatory framework for cryptocurrencies.
According to an email obtained by a European trader, the delisting of USDT trading pairs is scheduled to occur several months before the EU's planned implementation of CryptoAsset Markets (MiCA) regulation. This regulation, which will come into full force on December 30, 2024, is expected to impose restrictions on the use of certain stablecoins in the region.
A representative from OKX's customer support confirmed on Monday that Tether will not be available to traders in the EEA starting March 14, The Block reported. While the email from OKX did not explicitly link the delisting to the upcoming MiCA regulation, it did state: “Please note that not all tokens are available in all markets due to regulatory requirements.”
*This is not investment advice.