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Cryptocurrency exchange OKX has stirred up a buzz in the European economic area by reportedly discontinuing support for Tether (USDT) trading pairs.
The move, highlighted by images shared on the X social media platform, indicates a shift in the exchange’s strategy, emphasizing EUR and USDC pairs for spot trading while shelving USDT pairs.
As reported earlier, Tether (USDT) became the most widely used stablecoin, making headlines as its circulating supply inched closer to a significant milestone of 100 billion tokens.
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OKX Discontinues USDT Support
The decision came to light through a screenshot shared by a user named MartyParty, showcasing a customer support message confirming the cessation of USDT trading pairs in the European market. The message attributed the change to regulatory requirements, asserting that not all tokens can be supported in all markets.
As per the shared post:
“We would like to inform you that the availability of USDT trading pairs in your current region has been discontinued. Please note that not all tokens are supported in all markets due to regulatory requirements. […] Moving forward, only EUR and USDC pairs will be accessible for spot trading.”
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30 New Euro Spot Trading Pairs
Alongside this announcement, OKX hinted at the launch of over 30 new euro spot trading pairs, aiming to provide users with alternative options amid the removal of USDT pairs.
The exact catalyst for the reported delistings remains unclear, with neither OKX nor Tether responding immediately to requests for clarification. However, speculations have surfaced on social media, linking the move to the stablecoin regulations outlined in the Markets in Crypto-Assets (MiCA) framework.
MiCA Regulations
Although the customer support message did not explicitly cite MiCA regulations, it alluded to “regulatory requirements” being responsible for the variations in token listings across different geographic regions.
This aligns with recent developments in the EU, where regulators have proposed rules for stablecoin issuer complaint procedures, signaling a tightening grip on the cryptocurrency market.
The impending rollout of MiCA legislation by the end of 2024, coupled with the anticipation of stablecoin rules taking effect in the second quarter of 2024, underscores the growing regulatory scrutiny in the cryptocurrency space.
OKX Expands in Argentina
OKX has decided to expand operations in Argentina and in the entire Latin American region where the adoption of digital assets has been on the rise.
On the other hand, the exchange also winded down its mining pool services and stated that it has ceased accepting new user registrations for these services starting January 26.