Back

Tether USDT Faces Restriction in Europe Amid Regulatory Overhaul

sameAuthor avatar

Written & Edited by
Bary Rahma

18 March 2024 16:36 UTC
Trusted
  • OKX discontinues Tether trading in the EEA ahead of the EU's MiCA regulation.
  • MiCA focuses on strict governance of stablecoins, affecting their usability.
  • The move reflects OKX's compliance with upcoming financial regulations.
Promo

OKX, the world’s fourth-largest crypto exchange, is discontinuing Tether (USDT) trading pairs in the European Economic Area (EEA).

This decision aligns with the EU’s impending adoption of the Markets in Crypto-Assets (MiCA) regulation, set to be fully implemented on December 30, 2024.

Sponsored
Sponsored

Tether’s USDT Could Be Restricted in Europe

MiCA aims to establish a comprehensive framework for cryptocurrency operations. It puts particular emphasis on the governance of stablecoins like USDT.

This regulatory stride signifies the EU’s commitment to safeguarding its financial ecosystem while nurturing innovation in the fintech sector. It also marks a significant pivot towards more stringent oversight of cryptocurrencies, potentially affecting their usability and acceptance within the region.

Read more: What Is Markets in Crypto-Assets (MiCA)?

According to a recent confirmation from OKX’s customer support, Tether ceased to be available to traders in the EEA on March 14. This development came despite OKX’s website indicating the availability of USDT pairs in the EEA as late as March 15, raising questions about the exchange’s readiness for the regulatory shift.

The proactive measures taken by OKX signal a broader industry trend toward compliance with local and international financial regulations. The impact of this strategic adjustment remains to be seen.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.