Key Points:
- Crypto.com will stop purchases of USDT and nine other tokens in Europe from January 31, 2025.
- Users can withdraw affected tokens until March 31, 2025 before full delisting.
- Non-compliant tokens will be automatically converted to MiCA-approved stablecoins.
Crypto.com Aligns with MiCA Regulations
Crypto.com has announced that it will delist Tether’s USDT and nine other tokens across Europe as part of its compliance with the Markets in Crypto-Assets (MiCA) regulations.
Starting January 31, 2025, European users will no longer be able to purchase these tokens. However, Crypto.com will continue to support withdrawals until March 31, 2025.
To avoid automatic conversions, users must swap non-compliant tokens for MiCA-approved assets before the deadline.
Why is USDT Being Delisted?
The MiCA regulatory framework aims to create a structured and transparent crypto market in Europe. One of its major requirements is that stablecoins must be backed by reserves and issued under a license.
As Tether (USDT) has not received MiCA approval, it is being phased out from exchanges operating within the European Union. Other non-compliant tokens are also being removed.
This move follows a trend seen across the industry, as Coinbase previously delisted USDT in Europe and replaced it with compliant alternatives like USDC.
What Crypto.com Users Need to Do
To ensure a smooth transition, Crypto.com users should take action before March 31, 2025:
- Check Holdings: See if you own USDT or any of the affected tokens.
- Convert Tokens: Swap non-compliant assets for MiCA-approved stablecoins.
- Stay Updated: Follow official announcements from Crypto.com for any changes.
After the deadline, any remaining non-compliant tokens will be converted automatically into a MiCA-approved stablecoin of equal market value.
Stablecoin Market Insights
With regulatory shifts, the stablecoin market is undergoing changes. Here’s a quick look at the current landscape:
| Stablecoin | Market Capitalization | MiCA Compliance Status |
|---|---|---|
| USDT (Tether) | $139 billion | ❌ Non-compliant |
| USDC (Circle) | $52 billion | ✅ Compliant |
USDC has emerged as a leading MiCA-approved alternative, providing European investors with a secure and compliant stablecoin option.
Final Thoughts
The MiCA framework is reshaping the European crypto landscape, ensuring greater transparency and regulation. As Crypto.com and other platforms adjust to the new rules, investors should take proactive steps to align their portfolios with compliant assets.
To avoid disruptions, Crypto.com users should convert non-compliant tokens before March 31, 2025 and stay informed about upcoming changes in the crypto market. 🚀
