Crypto.com to Remove USDT and Nine Other Tokens in Europe by Jan. 31 to Comply with MiCA Regulations
Crypto exchange Crypto.com has announced that it will delist Tether’s USDT and nine other tokens in Europe on January 31, 2025, in response to the Markets in Crypto-Assets (MiCA) regulations. Users will have until March 31 to convert their holdings before automatic conversion into MiCA-compliant assets.
Key Details:
- Affected Tokens: Alongside USDT, the delisting will impact 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).
- MiCA Compliance Deadline: Purchases of these tokens will be suspended from Jan. 31, with withdrawals allowed until Q1 2025 before full removal on March 31.
- Automatic Conversion: Any remaining non-compliant tokens after March 31 will be automatically converted into a MiCA-compliant stablecoin or another equivalent asset.
Impact of MiCA Regulations
The delisting follows a directive from the European Securities and Markets Authority (ESMA), urging European crypto service providers (CASPs) to restrict non-compliant stablecoins by January 31.
Coinbase initiated the first major USDT delisting in October 2024, converting users’ USDT holdings into MiCA-approved alternatives such as USD Coin (USDC). With MiCA regulations fully enforced since December 30, 2024, other European crypto exchanges, including Crypto.com, have been adjusting their offerings to meet regulatory requirements.
USDT’s Position in the Market
Despite regulatory hurdles in the EU, USDT remains the largest stablecoin, with a market capitalization of $139 billion. Its closest competitor, USDC, which was approved as a MiCA-compliant stablecoin in July 2024, currently holds a market cap of $52 billion.
Crypto.com is actively working toward obtaining a MiCA license in Malta, while other European platforms have already secured their compliance status. As enforcement continues, USDT’s presence in the European market is expected to diminish in favor of MiCA-approved alternatives.
