Crypto.com to Delist USDT in Europe Under MiCA Regulations

Cryptocurrency exchange Crypto.com has announced plans to delist Tether (USDT) and nine other tokens in Europe as part of compliance with the Markets in Crypto-Assets (MiCA) regulation. The delisting process will begin on January 31, 2025, with full removal scheduled by March 31, 2025.

Timeline and Impact on Users

According to a Crypto.com spokesperson, the platform will suspend purchases of the affected tokens starting January 31 but will continue to support withdrawals until the end of the first quarter. Users will have until March 31 to convert their holdings into MiCA-compliant assets. Any remaining holdings will be automatically converted into a compliant stablecoin or an asset of corresponding market value.

Tokens Affected

The full list of impacted tokens has not been officially disclosed, but reports indicate that Wrapped Bitcoin (WBTC) and Dai (DAI) are among them. The delisting follows guidance from the European Securities and Markets Authority (ESMA), which requires European crypto service providers to restrict non-compliant stablecoins by January 31.

USDT Faces Regulatory Pressure in Europe

USDT, the world’s largest stablecoin, currently has a market capitalization of $139 billion, according to CoinGecko. Unlike its main competitor, USD Coin (USDC)—which was approved as a MiCA-compliant stablecoin in July 2024—USDT does not meet the new European regulatory requirements. USDC’s market cap currently stands at $52 billion.

This move marks a significant shift in how crypto exchanges operating in Europe must adapt to MiCA, which aims to establish a uniform regulatory framework for digital assets.

What’s Next?

As more exchanges comply with MiCA, further stablecoin restrictions could be expected across European platforms. Users holding USDT and other delisted tokens should take necessary action before March 31, 2025, to avoid automatic conversions.