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Crypto.com: Delisting of USDT for EU users from Jan. 31
By Daniele Corno
MiCA regulations have gone into effect and Crypto.com adapts for EU users: Delisting of USDT (and more) as of Jan. 31, 2025
Crypto.com and the MiCA regulations: ready for delisting
Earlier in the day came the official announcement: Crypto.com will delist USDT and other tokens for European users starting January 31, 2025.
According to MiCA regulations , USDT does not meet the requirements such that it can be classified as an “E-Money Token” and for this reason, it is not compliant with the regulations.
In the communication, however, as expected, there are 9 other tokens in addition to USDT. Among them, in addition to Crypto.com ‘s proprietary staking tokens related to ETH and SOL (CDCETH, CDCSOL), we also find: DAI, PAX, PAXG, wBTC, lCRO, PYUSD and XSGD.
Restrictions and cut-off dates
For European users then, the ability to make crypto-crypto exchanges with these tokens will be eliminated. The ability to purchase these assets via debit and credit cards will also be eliminated .
Users will only have the option, starting January 31, to withdraw or convert their assets until March 31, 2025.
As of this date, in fact, Crypto.com will perform an automatic balance conversion of these tokens. The exchange will take place into a MiCA-compliant Stablecoin or other assets for an equivalent value.
A danger to Tether? Or maybe not...
Although Crypto.com is the first exchange to delist USDT, it is expected that many other exchanges will follow suit to operate in the EU territory.
The EU market for USDT however, is a very small percentage of Tether’s business which does not seem to have any intention of adapting to the regulations.
A bad thing? A good thing? According to reports from CEO Paolo Ardoino, MiCA’s requirement to keep 60 percent of reserves in EU banks is too much of a risk.
This decision therefore, in no way affects the use of USDT on other exchanges or on noncustodial wallets.
