Cryptocurrency exchange Crypto.com is among the first platforms to announce the delisting of Tether’s USDt and nine other tokens in Europe following the implementation of the Markets in Crypto-Assets Regulation (MiCA) framework.
Crypto.com will suspend purchases of Tether USDt (USDT) along with nine other tokens in line with Europe’s MiCA regulations on Jan. 31, a spokesperson for the exchange confirmed to Cointelegraph on Jan. 29.
After disabling deposits, the exchange will continue to support withdrawals for the affected tokens until the end of the first quarter of 2025, with full delisting scheduled for March 31.
“Users holding these tokens will have until the end of Q1, 31st of March, to convert them to MiCA-compliant assets, otherwise they will be automatically converted to a compliant stablecoin or asset of corresponding market value,” Crypto.com’s representative said.
Wrapped Bitcoin and Dai among affected tokens
Crypto.com’s MiCA-related delistings will affect a total of 10 cryptocurrencies, according to social media reports citing an email notice from the exchange from Jan. 28.
Apart from USDT, Crypto.com will also delist Wrapped Bitcoin (WBTC), Dai (DAI), Pax dollar (PAX), Pax gold (PAXG), PayPal USD (PYUSD), Crypto.com Staked ETH (CDCETH), Crypto.com Staked SOL (CDCSOL), Liquid CRO (LCRO) and XSGD (XSGD).
Crypto.com will suspend purchases of 10 tokens in compliance with MiCA on Jan. 31. Source: WazzCrypto
The delistings come in line with a recent statement from the European Securities and Markets Authority (ESMA), which pushed European crypto asset service providers (CASP) to restrict non-MiCA-compliant stablecoins on Jan. 31.
More USDT delistings coming
USDT delistings in the European Union have been a hot subject in the crypto community since Coinbase announced USDT delisting as a noncompliant stablecoin under MiCA in October 2024.
After delisting the stablecoin in mid-December 2024, Coinbase Europe offered its clients conversion of USDT into MiCA-compliant options, including Circle’s USD Coin (USDC).
As MiCA regulations entered into full force on Dec. 30, many CASPs in the EU continued trading USDT after Coinbase’s delisting.
Since full MiCA enforcement, multiple CASPs in Europe have obtained MiCA licenses, while others, including Crypto.com, have been actively working to secure one in Malta.
Juan Ignacio Ibañez, a member of the Technical Committee of the MiCA Crypto Alliance, was correct in interpreting the ESMA’s statement that urged EU CASPs on Jan. 17 to restrict non-MiCA-compliant tokens.
“No trace of USDT should remain, not even in ‘sell-only’ mode,” by March 31, Ibañez said.
Top five stablecoins by market capitalization as of Jan. 29, 2025. Source: CoinGecko
USDT is the largest stablecoin on the market, with a market capitalization of $139 billion at the time of writing, according to CoinGecko. Its largest competitor, USDC, was greenlighted as a MiCA-compliant stablecoin in July 2024. The USDC market cap currently amounts to $52 billion.
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