beincrypto.com
OKX, the world’s fourth-largest crypto exchange, is discontinuing Tether ($USDT) trading pairs in the European Economic Area (EEA).
This decision aligns with the EU’s impending adoption of the Markets in Crypto-Assets (MiCA) regulation, set to be fully implemented on December 30, 2024.
Tether’s $USDT Could Be Restricted in Europe
MiCA aims to establish a comprehensive framework for cryptocurrency operations. It puts particular emphasis on the governance of stablecoins like $USDT.
This regulatory stride signifies the EU’s commitment to safeguarding its financial ecosystem while nurturing innovation in the fintech sector. It also marks a significant pivot towards more stringent oversight of cryptocurrencies, potentially affecting their usability and acceptance within the region.
Read more: What Is Markets in Crypto-Assets (MiCA)?
According to a recent confirmation from OKX’s customer support, Tether ceased to be available to traders in the EEA on March 14. This development came despite OKX’s website indicating the availability of $USDT pairs in the EEA as late as March 15, raising questions about the exchange’s readiness for the regulatory shift.
The proactive measures taken by OKX signal a broader industry trend toward compliance with local and international financial regulations. The impact of this strategic adjustment remains to be seen.