OKX is gradually removing the link ( USDT
-0.00056%
) trading pairs in the European Economic Area (EEA) as the European Union (EU) prepares to adopt a comprehensive regulatory framework for cryptocurrencies, The Block has exclusively learned.
The world’s fourth-largest cryptocurrency exchange by trading volume is stopping support for USDT trading pairs, an OKX spokesperson told The Block. The delisting comes several months ahead of the EU’s planned implementation of MiCA, which will come into full force on December 30, 2024. The regulation will restrict the use of certain stablecoins in the region.
The delisting “supports the launch of [euro] on-ramps for EEA-based customers,” a spokesperson told The Block, adding that the change only affects a “small subset” of its user base.
The OKX representative added that the exchange has also expanded its product offering in the EEA, introducing a variety of Euro fiat on-ramps and Euro pairs to customers in the region.
A customer service representative first confirmed to The Block on Monday that Tether was no longer available to traders in the EEA as of March 14. OKX websitehowever, showed that USDT pairs were still available to EEA traders as of March 15.
Some traders in the region received an email from OKX regarding the delisting, which discussed the upcoming regulatory regime change without explicitly attributing the delisting to MiCA.
“Please note that not all tokens are available on all exchanges due to regulatory requirements,” states the email, which was reviewed by The Block.
Tether CEO Paolo Ardoino, however, identified the regulatory framework as a potential driver behind the decision to delist the trading pairs.
“I just believe [OKX] wants to focus on the euro to prepare for the MiCA”, Ardoino said Criptovaluta.it, an Italian crypto trading publication, on Tuesday. “We are still working with European regulators to evaluate our application, so it is still very early to speculate. [on the implications of the framework’s implementation]”.
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