OKX allegedly removes USDT pairs in Europe

OKX, a cryptocurrency exchange based in Seychelles, has reportedly halted support for Tether (USDT) trading pairs in the European economic area. This information was shared on the X social media platform by a user named MartyParty, who posted a screenshot of a customer support message confirming the removal of USDT trading pairs in the European market. The message also stated that OKX plans to launch over 30 new euro spot trading pairs to compensate for the removal of USDT pairs. The reason behind this delisting is still unknown, as neither OKX nor Tether have responded to requests for further information. However, there is speculation on social media that it could be related to the stablecoin rules included in the Markets in Crypto-Assets (MiCA) regulatory framework. The customer support message mentioned “regulatory requirements” as the cause for differences in token listings across geographic areas. EU regulators recently published draft rules for stablecoin issuer complaint procedures, which could pose challenges for exchanges trying to comply with the new regulations. While the MiCA legislation is expected to take effect by the end of 2024, the stablecoin rules are set to be launched in the second quarter of the same year. In a related development, Binance has announced plans to delist several TrueUSD trading pairs.