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Crypto Exchange OKX Delists USDT Pairs in Europe and Prepares for New Regulations
OKX, a prominent crypto exchange, has made the decision to remove Tether (USDT) trading pairs in the European Union. Instead, the platform will focus on supporting USDC and Euro-based stablecoin pairs. This shift was communicated to a customer via a message on March 18.
The announcement comes shortly after the EU unveiled draft technical standards related to stablecoins, which are scheduled to take effect in June.
Shift Away from USDT
According to the message from OKX, USDT trading pairs have been disabled in the customer’s region. Moving forward, only EUR and USDC trading pairs will be accessible for spot trading.
OKX reportedly plans to introduce 30 new trading pairs to mitigate the impact of delisting. The exchange attributed these changes to “regulatory requirements,” indicating that token listings in different regions could vary.
Despite reports, OKX has not issued an official statement regarding the delisting. As of the latest update, it remains unconfirmed whether the USDT pairs have been removed.
The exchange’s support page suggests that USDT trading pairs are still available in the European Economic Area (EEA) as of March 15.
Regulatory Landscape and MiCA Compliance
Speculation on social media indicates that recent delistings are connected to impending stablecoin regulations outlined in the Markets in Crypto-Assets (MiCA) legislative framework.
The EU introduced proposed guidelines for stablecoin issuer grievance procedures on March 14. Although the update may seem minor, forthcoming regulations could pose challenges for exchanges striving to adhere to the new standards in the cryptocurrency sector.
Implementation of the MiCA legislation is slated to commence in June 2024, preceding the full operational status anticipated by the end of the year. Rules stipulate that only Electronic Money Institutions (EMI) and credit institutions have the authority to issue stablecoins, aligning with the existing EU Electronic Money Directive (EMD).
Circle and USDC are well-positioned to comply with MiCA requirements, having applied for an EMI license in December 2023 and signaling readiness to meet the regulatory framework.
Additional guidelines under MiCA include a seven-point adoption threshold and enhanced regulatory obligations, as highlighted in a recent blog post from Circle.
In light of regulatory changes, OKX’s removal of USDT pairs signals a strategic response to evolving compliance standards in the EU cryptocurrency landscape.
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