Crypto.com to Delist USDT and Several Other Tokens in Europe

The affected assets include Dai (DAI), Pax Dollar (PAX), Pax Gold (PAXG), PayPal USD (PYUSD), XSGD, Wrapped Bitcoin (WBTC), Liquid CRO (LCRO), Crypto.com Staked ETH (CDCETH), and Crypto.com Staked SOL (CDCSOL).

These restrictions come just a day after Crypto.com announced that it had received a MiCA (Markets in Crypto Assets)  license from the Malta Financial Services Authority (MFSA).

This move aligns with guidance from the European Securities and Markets Authority (ESMA), which has urged crypto-asset service providers in the EU to restrict non-MiCA-compliant stablecoins by January 31. The MiCA framework, which came into full effect on December 30, 2024, establishes comprehensive regulatory standards for crypto assets within the EU.

Crypto.com is among the first major exchanges to implement such delistings in response to MiCA. In October 2024, Coinbase preemptively delisted USDT in Europe, citing compliance with the impending regulations. These actions reflect a broader industry trend toward regulatory adherence as the EU solidifies its crypto regulatory framework.

Crypto.com officially saying goodbye to USDT in Europe is a pretty big deal. USDT is the largest stablecoin, with a market capitalization of approximately $139 billion, and it has been a go-to asset for traders worldwide. However, with the EU tightening its crypto regulations under MiCA, Tether’s compliance (or lack thereof) has been under increasing scrutiny.

Meanwhile, rivals like Circle’s USDC are playing by the rules and securing their spot in the European market. That puts them in a much better position as exchanges adjust to the new regulatory landscape.