By January 31, 2025, Crypto.com announced that it would abolish the European USDT and the other nine tokens.
By January 31, 2025, Crypto.com announced that it would abolish the European USDT and the other nine tokens. Listed tokens include wrap bitcoin (WBTC), Dai (Dai), PAX DOLLAR (PAX), Payx Gold (PAXG), PayPal USD (PYUSD), Crypto.com Staked Eth (CDCeth), Crypto. COM STAKED SOL (CDCSOL (CDCSOL)), liquid CRO (LCRO), and XSGD. Crypto.com's spokesman confirmed that these tokens were stopped on January 31 and the deposits would soon be invalidated. However, withdrawal is available until the end of the first quarter of 2025, and is expected to be completely abolished by March 31, 2025.
Users holding these tokens need to convert them into a fantastic asset by March 31. If they are not converted by this date, their ownership will be automatically replaced for compliant stubcoin or equivalent market value assets. Listing will continue with the complete execution of the EU's MICA regulation at the end of 2024. The European Securities Market Bureau (ESMA) has encouraged the Crypto Asset Service Providers (CASP) to limit non -mica -compliant stability by January 31. USDT, the largest stubcoin with a market capitalization, is one of the tokens affected by this regulation.
MICA demands that stubcoin operating in the European economy (EEA) must have an electronic money license from at least one EU member country. The USDT of $ 139 billion has no such license, and Tether has not been approved under MICA. This increased USDT scrutiny in this area. Listing USDT from exchanges such as Crypto.com leads to similar movements with other platforms, including Coinbase, which was listed on USDT in December 2024, for non -compliance. Following the movement of Coinbase, the user was given the option to convert USDT into Mica -compliant options such as USD Coin (USDC).
Along with USDT, Crypto.com also registers some other tokens, including wrap bitcoin (WBTC), Dai (Dai), Pax Dollar (Pax), and some other stubcoins and assets. 。 This is part of the wider range of Crypto.com to protect Mica compliance, including acquiring licenses in Malta. With the MICA implementation, the race is triggered during the EU replacement and the regulatory standards can be met. Other exchanges, including Gemini, have set up in Malta to comply with regulations.
Since the MICA regulation continues to reconstruct European cipher landscape, only stubble coins that meet the MICA standards, such as USDC, may prosper. The challenge to comply with USDT's new regulations is that the tokens may be difficult to maintain their position in the European market.
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