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Crypto.com To Delist USDT in Europe Amid MiCA Stablecoin Regulations

Users must convert USDT and delisted tokens into MiCA-compliant assets by March, or they will be automatically exchanged for a compliant asset of equal value.

Tether USDT

Cryptocurrency exchanges in Europe have begun removing Tether (USDT) from their platforms following the enforcement of the Markets in Crypto-Assets (MiCA) regulation. The new framework is reshaping the availability of stablecoins across the region.

Notably, Crypto.com was among the first exchanges to announce the delisting of USDT and nine other digital assets in response to MiCA requirements. The move follows a similar decision by Coinbase, which revealed last year that it would no longer support USDT in Europe.

Crypto.com to Halt USDT Purchases Starting January 31

Starting January 31, Crypto.com will disable the purchase of USDT and the other affected tokens, aligning with the regulatory deadline. According to the exchange, deposits will be halted, but users can still withdraw these assets until the end of Q1 2025. By March 31, the exchange will fully remove support for these cryptocurrencies.

Meanwhile, users holding delisted tokens must convert them into MiCA-compliant assets before the March deadline. Otherwise, the platform will automatically exchange them for a stablecoin or asset that meets regulatory standards and holds a similar market value.

Social media reports, referencing an email sent by Crypto.com on January 28, indicate that the delisting will affect 10 assets. In addition to USDT, the impacted cryptocurrencies include Wrapped Bitcoin (WBTC), Dai (DAI), Pax Dollar (PAX), Pax Gold (PAXG), PayPal USD (PYUSD), Crypto.com Staked ETH (CDCETH), Crypto.com Staked SOL (CDCSOL), Liquid CRO (LCRO), and XSGD (XSGD).

The development follows a statement from the European Securities and Markets Authority (ESMA), which urged European crypto asset service providers (CASPs) to restrict access to stablecoins that do not comply with MiCA regulations by January 31.

USDT Market Dominance and MiCA Compliance

Since Coinbase decided to remove USDT from European platforms in October 2024, the crypto community has widely discussed the matter. Given its dominance in the stablecoin market, USDT currently has a market capitalization of $139 billion, according to CoinGecko data. In contrast, USDC—recognized as MiCA-compliant since July 2024—has a market cap of $52 billion.

Notably, when Coinbase Europe discontinued USDT trading in mid-December 2024, users could convert their holdings into MiCA-compliant stablecoins, such as Circle’s USD Coin (USDC). The shift underscores the growing regulatory pressure on exchanges to align with MiCA standards.

Since MiCA came into effect, several European CASPs have secured licenses, while others, including Crypto.com, are still obtaining approval in Malta. As exchanges navigate these requirements, delisting non-compliant stablecoins is expected to continue.

Jonathan Agozie

Jonathan Agozie is a prompt engineer committed to crafting clear and technically sound content on blockchain, cryptocurrency, and Web3 technologies.