Crypto.com Delists Tether USDT, WBTC, DAI & Many More To Abide By MiCA Regulations

Crypto exchange Crypto.com has announced the suspension of Tether (USDT) and nine other cryptocurrencies in Europe, following the introduction of the Markets in Crypto-Assets (MiCA) regulation. 

The delistings are part of the platform’s efforts to comply with new rules set by the European Union to regulate the cryptocurrency sector.

Suspension of Purchases and Future Delisting

Starting on January 31, Crypto.com will stop supporting purchases of Tether USDt (USDT) along with other tokens that do not meet MiCA’s compliance requirements. This move comes as part of the new EU framework, which aims to standardize and oversee cryptocurrency operations across its member states.

The affected tokens will still be available for withdrawals until March 31, 2025, but no new deposits will be allowed. 

After that date, the delisting will be complete. Users who hold these tokens will need to convert them to MiCA-compliant assets by March 31, or they will be automatically converted into a compliant stablecoin or asset based on the corresponding market value.

Tokens Affected by MiCA Delisting

In addition to Tether (USDT), Crypto.com will also delist a total of nine other cryptocurrencies. These include Wrapped Bitcoin (WBTC), Dai (DAI), Pax Dollar (PAX), Pax Gold (PAXG), PayPal USD (PYUSD), Crypto.com Staked ETH (CDCETH), Crypto.com Staked SOL (CDCSOL), Liquid CRO (LCRO), and XSGD (XSGD).

The exchange confirmed these changes through an email notice shared on January 28. Crypto.com will continue to monitor the situation and make further adjustments as needed to comply with MiCA’s evolving guidelines.

Also Read: Tether Unveils Plans For a $1B USDT Chain Swap to Tron to Boost Interoperability

Impact of MiCA Regulations

MiCA is designed to standardize crypto regulations across the European Union. It requires crypto platforms to meet specific compliance standards, including transparency, customer protection, and risk management measures. 

However, Tether’s failure to meet these requirements has prompted the exchange to suspend its services for USDT in the region. Jacob Kinge, a financial analyst, pointed out that Tether has not issued new coins in over two weeks, a situation that could signal non-compliance with MiCA’s standards. 

This could lead to a formal ban on Tether in Europe, potentially disrupting liquidity and raising transaction costs for users on platforms that continue to support the token.

Crypto.com Joins Coinbase in Delisting USDT

Crypto.com’s decision to suspend USDT follows a similar move made by Coinbase in late 2024. The popular crypto exchange also ceased supporting Tether in Europe, citing non-compliance with MiCA. As a result, USDT is being gradually phased out on major exchanges in the region.

Despite the challenges, Tether remains confident in its ability to meet MiCA’s compliance requirements. In December 2024, Tether made a strategic investment in StablR, a European firm focused on euro-pegged stablecoins. 

The introduction of MiCA regulations marks a significant shift in the European crypto landscape. With platforms like Crypto.com and Coinbase adjusting their operations to meet these new requirements, the industry will need to adapt quickly to avoid further disruptions.

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