Cryptocurrency exchange Crypto.com has announced the delisting of Tether (USDT) and nine other tokens for European users, aligning with the European Union’s new Markets in Crypto-Assets (MiCA) regulations. The changes will take effect on January 31, with a phased withdrawal process continuing until March 2025.
According to a Crypto.com spokesperson, the exchange will suspend purchases and deposits of the affected tokens starting January 31. However, withdrawals will remain available until the end of Q1 2025, after which full delisting will occur on March 31, 2025.
Users holding these assets will be required to convert them into MiCA-compliant tokens before the deadline. If users do not take action, their assets will be automatically converted to a MiCA-compliant stablecoin or equivalent asset.
List of Affected Tokens
Crypto.com’s decision impacts 10 digital assets, including:
- Tether (USDT)
- Wrapped Bitcoin (WBTC)
- Dai (DAI)
- Pax Dollar (PAX)
- Pax Gold (PAXG)
- PayPal USD (PYUSD)
- Crypto.com Staked ETH (CDCETH)
- Crypto.com Staked SOL (CDCSOL)
- Liquid CRO (LCRO)
- XSGD (XSGD)
The move follows guidance from the European Securities and Markets Authority (ESMA), which has urged European crypto asset service providers (CASPs) to halt support for stablecoins and other assets that do not comply with MiCA’s requirements.
Impact on the European Crypto Market
This is one of the first significant enforcement actions following MiCA’s implementation. Crypto.com’s decision suggests that other exchanges may follow suit, leading to reduced access to non-compliant stablecoins across Europe. The transition is expected to reshape the European stablecoin market, as traders and investors shift toward MiCA-approved alternatives.
Users affected by the delistings should take necessary action before March 31, 2025, to avoid forced conversions or potential disruptions in fund access.