- Crypto.com will delist USDT and nine other tokens by January 31, 2025, to comply with MiCA regulations.
- The affected tokens include Wrapped Bitcoin (WBTC), Dai (DAI), and Pax Dollar (PAX).
- Users have until March 31, 2025, to convert holdings into MiCA-compliant assets or face automatic swaps.
Crypto.com has announced it will remove Tether’s USDT and other non-compliant tokens from its platform in Europe by January 31, 2025.
Following the delisting, Crypto.com will continue to allow withdrawals of these tokens until the end of Q1 2025, but purchases and deposits will be suspended immediately.
Crypto.com Delists USDT and Other Tokens in Response to EU MiCA Compliance
Crypto.com is adjusting its token offerings in Europe due to the new Markets in Crypto-Assets Regulation (MiCA), which comes into full effect by the end of 2024. As part of this, the platform will delist USDT and several other tokens, including Pax Dollar (PAX), Dai (DAI), and Wrapped Bitcoin (WBTC), by January 31, 2025. These tokens are being removed because they do not meet MiCA’s requirement for stablecoins to hold an e-money license from an EU member state.
As part of the delisting process, Crypto.com will cease purchases and deposits of the affected tokens by January 31, 2025, but users will still be able to withdraw them until the end of Q1 2025. The platform is giving users until March 31, 2025, to convert these tokens into MiCA-compliant alternatives, like USD Coin (USDC). Tokens that remain unconverted by that date will be automatically swapped for compliant assets of equivalent market value.
This move is part of a broader effort by exchanges to comply with MiCA regulations, which aim to standardize and regulate crypto assets across the European Economic Area. The European Securities and Markets Authority (ESMA) has been urging crypto exchanges to comply by the January 31 deadline, as part of efforts to increase oversight and control in the crypto space. Crypto.com’s compliance with these regulations includes obtaining a license in Malta.
MiCA’s implementation is expected to significantly reshape the crypto ecosystem in Europe. Only stablecoins and crypto assets that meet MiCA’s standards, such as USD Coin (USDC), are likely to thrive. USDT’s challenges in securing the necessary licenses may hinder its ability to maintain a strong presence in the European market.
As the European Union tightens its crypto regulations, exchanges like Crypto.com are adapting by delisting non-compliant tokens, paving the way for MiCA-compliant assets to dominate the region.
“MiCA’s implementation is reshaping the crypto landscape in Europe, with non-compliant tokens like USDT facing increasing scrutiny and delisting across major platforms.”
