OKX, the world’s fourth-largest crypto exchange, is discontinuing Tether (USDT) trading pairs in the European Economic Area (EEA).
This decision aligns with the EU’s impending adoption of the Markets in Crypto-Assets (MiCA) regulation, set to be fully implemented on December 30, 2024.
Tether’s USDT Could Be Restricted in Europe
MiCA aims to establish a comprehensive framework for cryptocurrency operations. It puts particular emphasis on the governance of stablecoins like USDT.
This regulatory stride signifies the EU’s commitment to safeguarding its financial ecosystem while nurturing innovation in the fintech sector. It also marks a significant pivot towards more stringent oversight of cryptocurrencies, potentially affecting their usability and acceptance within the region.
Read more: What Is Markets in Crypto-Assets (MiCA)?
According to a recent confirmation from OKX’s customer support, Tether ceased to be available to traders in the EEA on March 14. This development came despite OKX’s website indicating the availability of USDT pairs in the EEA as late as March 15, raising questions about the exchange’s readiness for the regulatory shift.
The proactive measures taken by OKX signal a broader industry trend toward compliance with local and international financial regulations. The impact of this strategic adjustment remains to be seen.
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