Crypto.com Exchange to Delist USDT and 9 other Due to MiCA Regulation

Crypto.com has announce the delisting of Tether’s USDt (USDT) and nine other tokens in accordance with these new MiCA regulations.

The implementation of the Markets in Crypto-Assets (MiCA) regulation framework in Europe has prompted significant changes within the cryptocurrency exchange landscape.

Crypto.com Suspend Purchase of USDT

Effective January 31st, 2025, Crypto.com will suspend the purchase of USDT along with nine other cryptocurrencies. “We will disable deposits for these assets, but withdrawals will remain available until the end of the first quarter of 2025. We will completely delist them on March 31st, 2025,” Crypto.com says

Crypto.com has clarified that users holding these tokens will have until March 31st to convert their holdings to MiCA-compliant assets. Failure to do so will result in the automatic conversion of their assets to a compliant stablecoin or asset of equivalent market value.

The ten cryptocurrencies affected by Crypto.com’s delisting include 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), and XSGD (XSGD).

This information was initially disseminated via an email notice from the exchange on January 28th, 2025, and subsequently reported on social media platforms.

Notably, the move by Crypto.com aligns with a recent statement from the European Securities and Markets Authority (ESMA), which urged European crypto asset service providers (CASPs) to restrict non-MiCA-compliant stablecoins by January 31st, 2025. The ESMA’s directive emphasized the necessity for compliance, highlighting the urgency of the situation.

Exchanges Prompt Action to MiCA Regulation

The delisting of USDT in the European Union has generated considerable discussion within the cryptocurrency community, following Coinbase’s similar decision in October 2024.

Coinbase, after delisting USDT in mid-December 2024, provided its clients with options to convert their USDT holdings into MiCA-compliant alternatives, primarily Circle’s USD Coin (USDC).

Despite Coinbase’s action, many CASPs continued trading USDT even after the full enforcement of MiCA regulations on December 30th, 2024. Several CASPs have since obtained MiCA licenses, while others, including Crypto.com, are actively pursuing licensing in jurisdictions such as Malta.

Juan Ignacio Ibañez, a member of the Technical Committee of the MiCA Crypto Alliance, provided a concise interpretation of the ESMA’s statement, emphasizing the complete removal of non-compliant tokens, including USDT, by March 31st, 2025, even prohibiting “sell-only” modes.