Crypto.com announces delisting of USDT and nine other tokens in Europe
Popular cryptocurrency exchange Crypto.com announced the delisting of ten tokens from the European market, including the largest stablecoin Tether (USDT). The reason is non-compliance with the Markets in Crypto-Assets (MiCA) regulations.
What's happening?
Starting January 31, 2025, European users of Crypto.com will no longer be able to purchase USDT and nine other tokens. The platform gives customers until March 31 to convert assets into MiCA-compliant coins. After this date, all remaining tokens will be automatically converted into regulated stablecoins.
Which tokens are banned?
- Tether (USDT) — the largest stablecoin with a capitalization of $139 billion
- 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)
- XSGD
Why is this important?
This decision follows a recent statement from the European Securities and Markets Authority (ESMA), which required European cryptocurrency service providers (CASP) to limit trading of unregulated stablecoins by January 31.
Previously, a similar decision was made by the Coinbase exchange, which delisted USDT in December 2024, urging clients to transfer funds to the MiCA-compliant stablecoin USD Coin (USDC).
Juan Ignacio Ibañez, a member of the MiCA Crypto Alliance technical committee, emphasized that by March 31, there should be no traces of USDT in the European market, even in "sell-only" mode.
Currently, USDC, approved as a MiCA-compliant stablecoin by regulators in July 2024, has a market capitalization of $52 billion — almost three times less than USDT.
Regulatory cleanup of the European cryptocurrency market continues. While some exchanges are obtaining MiCA licenses, others, including Crypto.com, are actively working on obtaining them in Malta.