Crypto.com Cryptocurrency Exchange Plans to Delist USDT Stablecoin for Its European Union Customers

The Crypto.com cryptocurrency exchange plans to delist the USDT stablecoin for its European Union customers as part of its efforts to comply with the EU's MiCA (Markets in Crypto Assets) regulations.

Cryptocurrency exchange Crypto.com is preparing to delist the USDT stablecoin for its European Union customers. This move is being made to ensure compliance with the EU's upcoming MiCA (Markets in Crypto Assets) regulations, which stipulate that stablecoin issuers must be registered as an electronic money institution. Notably, USDT's issuer, Tether, does not hold this registration.

As a result, Crypto.com's EU users will have until March 31 to convert their holdings of USDT to other assets. If a user fails to take this action by the specified deadline, the exchange will automatically convert their USDT to a stablecoin that complies with the regulations.

While USDT is undoubtedly the most prominent asset being delisted for Crypto.com's EU-based customers, it is not the only one. Other crypto assets, including Wrapped Bitcoin, Dai, PayPal USD, and several others, will also be excluded from Crypto.com's European offerings going forward.

This development follows Crypto.com's recent announcement that it had secured a full MiCA license. The exchange received in-principle approval for the license on January 17, and on January 27, it disclosed that it had obtained the full license approval.

With a 24-hour spot trading volume of $7.4 billion at the time of writing, Crypto.com ranks among the world's largest cryptocurrency exchanges. However, despite the exchange's strong position in the crypto trading sector, its CRO token has experienced lackluster performance recently, declining roughly 10.5% against the US dollar over the past month.