In response to the adoption of the Markets in Crypto-Assets Regulation (MiCA) framework, Cryptocurrency exchange Crypto.com has publicized that it will be delisting Tether’s USDt and nine other tokens in Europe from January 31. The move is in compliance with the regulatory framework, and will affect purchases of Tether USDt and the other identified tokens, as confirmed by a spokesperson from the exchange.
Users of these tokens will have until the conclusion of the first quarter of 2025 to convert them into MiCA-compliant assets. If users fail to do this by March 31, the exchange will automatically convert these tokens to a stablecoin or asset of equal market value that meets the MiCA standards.
Crypto.com’s decision will impact a total of 10 cryptocurrencies, including Wrapped Bitcoin, Dai, Pax dollar, Pax gold, PayPal USD, Crypto.com Staked ETH, Crypto.com Staked SOL, Liquid CRO, and XSGD. These delistings align with the European Securities and Markets Authority’s (ESMA) recent directive urging European crypto service providers to limit non-MiCA-compliant stablecoins from January 31.
Following the complete roll out of MiCA regulations in December, the issue of USDT delistings in the European Union has been a hot topic among the crypto community. The notable cryptocurrency exchange Coinbase was among the first to delist USDT, providing alternatives such as Circle’s USD Coin for conversion. Amid these changes, multiple crypto companies in Europe, including Crypto.com, are actively seeking a MiCA license in Malta.
USDT ranks as the largest stablecoin on the market with a current market capitalization of $139 billion. It’s main competitor, USDC, which was greenlighted as a MiCA-compliant stablecoin in 2024, currently has a market capitalization amounting to $52 billion.