OKX, the fourth-largest cryptocurrency exchange globally by trading volume, has announced the termination of Tether (USDT) trading pairs for users within the European Economic Area (EEA). This move precedes the full enactment of the Markets in Crypto-Assets (MiCA) regulation by the European Union (EU), set to become effective on Dec 30, 2024. MiCA aims to introduce a comprehensive regulatory framework for digital assets, focusing on the restriction of certain stablecoins.
The exchange communicated its decision through an email to European traders. However, the communication did not directly link the discontinuation to the upcoming MiCA regulation but mentioned that regulatory requirements influence the availability of tokens in different markets. Despite the announcement, OKX’s website showed that USDT pairs were still accessible to EEA traders as of March 15.
OKX confirmed that as of March 14, Tether was no longer available for trading to users in the EEA. The decision aligns with the regulatory changes anticipated with the introduction of MiCA, designed to enhance the oversight of crypto assets within the EU. The regulation aims to safeguard investors and ensure financial stability by setting standards for the operation of digital assets, including stablecoins like USDT.
The upcoming regulatory changes represent a change in the legal landscape for cryptocurrencies within the EU. Exchanges operating in the region, such as OKX, are adjusting their offerings to comply with these new requirements, affecting the availability of certain digital assets to European traders.
