Cryptocurrency exchange Crypto.com delists Tether's USDt and nine other tokens in Europe

Crypto.com will suspend purchases of Tether USDt

Cryptocurrency exchange Crypto.com is among the first platforms to announce the delisting of Tether’s USDt and nine other tokens in Europe following the implementation of the Markets in Crypto-Assets Regulation (MiCA) framework.

According to an email notice from the exchange on Jan. 28, Crypto.com will disable purchases of the 10 affected tokens on Jan. 31 before continuing to support withdrawals for the tokens through the first quarter of 2025. After March 31, the tokens will be fully delisted.

“Users holding these tokens will have until the end of Q1, 31st of March, to convert them to MiCA-compliant assets, otherwise they will be automatically converted to a compliant stablecoin or asset of corresponding market value,” a Crypto.com representative told Cointelegraph.

The exchange’s MiCA-related delistings will affect a total of 10 cryptocurrencies, social media reports noted, adding that the list includes Dai (DAI), Wrapped Bitcoin (WBTC), Lido Staked Ether (stETH), cDai (cDAI), GRT, OP, BAL, SAND and XTZ.

The delistings come in line with a recent statement from the European Securities and Markets Authority (ESMA), which pushed European crypto asset service providers (CASP) to restrict non-MiCA-compliant stablecoins on Jan. 31.

The statement notably pushed for the full removal of non-compliant stablecoins from European platforms, leaving no room for “sell-only” modes of operation. Crypto exchange Coinbase previously announced plans to continue offering sell-only options for USDt in Europe.

Related: Coinbase to Delist Non-Compliant Stablecoin Tether (USDT) in 2024

Usdt delistings in the European Union have been a hot subject in the crypto community since Coinbase announced Usdt delisting as a noncompliant stablecoin under MiCA in October 2024. After disabling deposits, Coinbase Europe offered its clients conversion of Usdt into MiCA-compliant options, including Circle’s USD Coin (USDC), which was set to be delisted in mid-December 2025.

As MiCA regulations entered into full force on Dec. 30, many CASPs in the EU continued trading Usdt following Coinbase’s partial delisting. Among the major stablecoins, only USDC received approval from the European authorities.

Since full MiCA enforcement, multiple CASPs in Europe have obtained MiCA licenses, while others, including Crypto.com, have been actively working to secure one in Malta.

Juan Ignacio Ibañez, a member of the Technical Committee of the MiCA Crypto Alliance, was correct in interpreting the ESMA’s statement that urged EU CASPs on Jan. 17 to restrict non-MiCA-compliant tokens.

“No trace of Usdt should remain, not even in ‘sell-only’ mode,” by March 31, Ibañez said.

Usdt is the largest stablecoin on the market, with a market capitalization of $139 billion at the time of writing, according to CoinGecko. Its largest competitor, USDC, was greenlighted as a MiCA-compliant stablecoin in July 2024. The USDC market cap currently amounts to $52 billion.