Crypto.com Delists Key Assets in Europe Amid MiCA Compliance

Crypto.com, a leading cryptocurrency exchange, has announced its decision to delist several digital assets in Europe, including Tether's USDT, in response to the implementation of the Markets in Crypto-Assets Regulation (MiCA) framework. The exchange will disable deposits for these assets starting January 31, 2023, while users will still be able to withdraw their holdings until the end of the first quarter of 2025.

The delistings, which affect popular cryptocurrencies such as USDT, WBTC, DAI, Pax dollar (PAX), Pax gold (PAXG), PayPal USD, Crypto.com Staked ETH (CDCETH), Crypto.com Staked SOL (CDCSOL), Liquid CRO (LCRO), and XSGD, are in line with a recent statement from the European Securities and Markets Authority (ESMA) that pushed European crypto asset service providers (CASP) to comply with MiCA regulations by January 31, 2023.

Crypto.com's representative confirmed the delistings, stating that users holding these tokens will have until the end of Q1, 2025, to convert them to MiCA-compliant assets. Failure to do so will result in automatic conversion to a compliant stablecoin or asset of corresponding market value.

This strategic move by Crypto.com emphasizes the exchange's commitment to complying with evolving regulatory frameworks while safeguarding user assets. The delistings come as a response to the increasing scrutiny and regulation of the cryptocurrency industry, particularly in Europe.