OKX is phasing out tether (USDT) 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 learned exclusively.
The world’s fourth largest cryptocurrency exchange by trading volume is ceasing support for USDT trading pairs, an OKX spokesperson told The Block. The delisting comes several months before the EU’s scheduled implementation of MiCA, which becomes fully effective on Dec. 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 affects only a “small subset” of its user base.
The OKX representative added that the exchange has also expanded its product offerings in the EEA, introducing a variety of Euro fiat onramps and Euro pairs to customers in the region.
A customer support representative first confirmed to The Block on Monday that tether became unavailable to traders in the EEA, beginning March 14. OKX’s website, however, showed that USDT pairs were still available to traders in the EEA as of March 15.
Some traders in the region received an email from OKX about the delisting, which touched upon the upcoming regulatory regime change without explicitly attributing the delisting to MiCA.
“Please note that not all tokens are available in all markets due to regulatory requirements,” the email, which was reviewed by The Block, reads.
Tether CEO Paolo Ardoino identified the regulatory framework as a potential driver of the move to delist the trading pairs, however.
“I simply believe [OKX] wants to concentrate on the Euro to prepare for MiCA,” Ardoino told Criptovaluta.it, an Italian crypto trade publication, on Tuesday. “We are still working with European regulators to evaluate our application, so it’s still very early to speculate [on the implications of the framework’s implementation].”
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