OKX Announces Removal of USDT Trading Pairs in Europe

USDT expulsion. Europe is preparing for launching their MiCA legislative framework used in the crypto asset market. A regulation presented by some as beneficial. Because for the very first time it lays the foundation for a clear legislation in the field. But we should not rejoice too quickly. Because the power of suggestion instilled by the first to come is connected an obvious risk of crypto brain drain are faced with decisions that can be described as risky. A race that apparently just came along The OKX platform on European territory. Result: all trading pairs involving stablecoin USDT appears to have been deleted.

OKX removes USDT trading pairs

The information has just dropped like a stablecoin in the regulatory soup. Indeed, it appears that the European subsidiary of the OKX platform has decided to do so remove all trading pairs involving Tethers USDT stablecoin. Is it because this company flirts a little too much with the regulatory authorities in the USA ? No way…

This decision actually seems to be more limited to the euro area only. With, in the sights of the fourth largest stock exchange cryptocurrencies in the world in terms of transaction volume, the arrival is presented as imminent MiCA rules. Because its effective implementation must take place 30 December 2024according to official statements from the AMF.

This is undoubtedly the reason why the OKX platform has just reported this internal change. A resizing page stablecoin USDT is – far down the road – the undisputed market leader in digital stability supported by the USD dollar.

OKX removes USDT trading pairs
OKX Announces Removal of USDT Trading Pairs in Europe – Source: MartyParty

“We would like to inform you that the availability of USDT trading pairs in your current region has been discontinued. Please note that not all tokens are supported in all markets due to regulatory requirements. […] In the future, only EUR and USDC pairs will be available for spot trading. »

OKX

USDT: stablecoin no grata in Europe?

Information shared by the MartyParty account on the X Network. The latter confirmed by the medium The Block, in contact with a spokesperson for the OKX platform. This about one radiation of stablecoin USDT intended for ” support the launch of access ramps [en euros] for customers based in the EEA. »

A precision that opens the door to many other important questions. For example, knowing to what extent the implementation of the MiCA regulation will have an impact on the use – or possible ban – of stablecoins on European territory. The question has been pending for many months…

In fact, the email that the OKX platform sends to its customers is very clear. More than 30 new euro spot trading pairs will be launched on its exchange to compensate for the removal of USDT. But this involves the use of a EUR-backed stablecoin ? Otherwise, how will it be possible to continue to apply the crypto rule of: no exchange for fiat currency, no capital gains to pay ?

The future of stablecoins on European territory seems difficult to reconcile a MiCA regulation determined not to let anything go unnoticed. In any case, that’s what the OKX platform’s recent decision against the leader USDT suggests. Because even if nothing has yet been clearly formalized, Europe is far from being among them jurisdictions favorable to the development of the cryptocurrency sector. A case to follow closely…

Leave a Comment