OKX Delists USDT Trading Pairs in European Economic Area

General News
2024-03-20 19:39:46

In a move that has sparked speculation about regulatory compliance, the cryptocurrency exchange OKX has reportedly discontinued support for Tether (USDT) trading pairs in the European Economic Area (EEA). This development comes to light through images shared on the social media platform X, depicting a customer support message.


According to the message, the availability of USDT trading pairs in the EEA region has been discontinued. The exchange stated, "Moving forward, only EUR and USDC pairs will be accessible for spot trading." To compensate, OKX plans to launch over 30 new euro spot trading pairs amid the USDT pair removals.


While the exact reasons behind this decision remain unconfirmed, the customer support message cited "regulatory requirements" as the driving force behind the disparity in token listings across geographic areas. This has fueled speculation that the delisting could be related to the impending stablecoin rules under the Markets in Crypto-Assets (MiCA) regulatory framework in the European Union.


EU regulators recently published draft rules for stablecoin issuer complaint procedures on March 14th. Although an update to complaint reporting may seem relatively minor, the push for further legislation this late into the first quarter of 2024 could pose challenges for exchanges attempting to align their compliance with the new rules.


The MiCA legislation, which aims to establish a comprehensive regulatory framework for cryptocurrencies and stablecoins across the EU, is expected to take effect by the end of 2024. However, specific rules governing stablecoins are slated for launch ahead of the comprehensive laws package in the second quarter of 2024.

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