As a seasoned crypto investor with roots deeply entrenched in the European digital asset landscape, I find myself intrigued by the ongoing saga of Tether’s USDt stablecoin and the responses from various exchanges. Having navigated through the regulatory complexities of MiCA since its inception, I am not surprised to see Coinbase making a move to comply with the impending regulations. However, it is quite intriguing to observe other major players like Binance, Crypto.com, Kraken, KuCoin, Mexc, and Bitget maintaining their support for USDT amidst these regulatory uncertainties.
As a crypto investor, I’ve noticed that despite Coinbase announcing the delisting of USDt (Tether’s stablecoin) for European customers due to incoming regulatory demands, several cryptocurrency exchanges in Europe are still choosing to support it. This goes to show the resilience and adaptability of the crypto market in response to regulatory changes.
Leading platforms such as Binance, Crypto.com, and Kraken continue to allow trades involving Tether USDt (USDT), even after Coinbase decided to stop supporting this stablecoin on December 13th.
On December 30th, when MiCA regulations are fully implemented, platforms such as KuCoin, Mexc, and Bitget will continue to provide stablecoins to European users, even though these regulations are impending.
The United States-based Coinbase exchange said it suspended USDT to comply with MiCA.
Has any other exchange delisted USDT in the EU?
Even though Coinbase has regarded Tether (USDT) as a stablecoin subject to MiCA restrictions since at least October, European regulatory bodies have yet to offer a definitive ruling on whether it falls outside the scope of local regulations.
European cryptocurrency exchanges, for the most part, haven’t made many public statements regarding the potential delisting of USDT. A select number of these platforms seem to have already removed the stablecoin from their services.
In March 2024, OKX informed CryptoMoon that they would no longer support USDT (Tether), as they were transitioning their focus towards crypto trading pairs based on the Euro.
However, as of Dec. 17, OKX and Bitpanda both still feature USDT on their platforms, CryptoMoon has learned.
Bitpanda chose not to provide information about whether they have withdrawn or plan to withdraw Tether (USDT) from their platform in the coming days.
The final MiCA deadline is just weeks away
The initial stage of the MiCA (Markets in Crypto-Assets) regulation, which began in June, covers stablecoins, and it’s anticipated that the complete stablecoin framework will be enacted on December 30.
As the deadline draws near, cryptocurrency platforms across Europe are given a chance to make up their minds about whether they will stop supporting Tether (USDT) in the upcoming period.
cryptoMoon reached out to various trading platforms seeking their input on the subject of USDT delistings, yet no replies were obtained before the deadline for publication.
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2024-12-17 18:21