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Cryptocurrency News Articles
Coinbase Delists Tether (USDT) for EU Customers as MiCA Regulation Nears
Dec 29, 2024 at 05:21 pm
Tether's flagship stablecoin, USDT, is under increased scrutiny in the European Union as the region's landmark Markets in Crypto-Assets (MiCA) regulation nears
Tether’s stablecoin, USDT, faces closer examination in the EU as the Markets in Crypto-Assets (MiCA) regulation nears full implementation.
Coinbase has already delisted USDT for EU customers due to MiCA compliance concerns, sparking debate about whether the exchange should await official rulings.
Despite Coinbase’s move, no EU authority has yet declared USDT non-compliant. Stablecoin issuers must obtain e-money licenses, hold reserves in recognized banks, and provide detailed disclosures under MiCA.
While Coinbase acted swiftly, other exchanges like Binance and Crypto.com continue to list USDT for EU users. Many exchanges are awaiting explicit guidance from ESMA before making decisions.
Juan Ignacio Ibañez of the MiCA Crypto Alliance notes that the absence of an explicit declaration does not imply compliance. Bloomberg reports that many exchanges may delist Tether by December 30.
However, no formal timetable has been issued by ESMA or other EU regulatory bodies.
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