Crypto.com Delists Key Tokens Ahead of EU MiCA Compliance

Crypto.com, a leading cryptocurrency exchange, has announced its decision to delist several tokens, including Tether's USDT, in compliance with the European Union's Markets in Crypto-Assets (MiCA) regulation. The move, effective January 31, 2025, is part of the exchange's efforts to ensure full compliance with the new regulatory framework.

The delisted tokens also include Wrapped Bitcoin (WBTC), Dai (DAI), Pax Dollar (PAX), Pax Gold (PAXG), PayPal USD (PYUSD), and Crypto.com's own staked assets (CDCETH, CDCSOL, and LCRO), along with XSGD. Users will have until March 31, 2025, to withdraw these assets, after which any remaining balances will be automatically converted to a MiCA-compliant stablecoin or another asset of equivalent market value.

Crypto.com's decision follows an earlier announcement by Coinbase, which delisted USDT in Europe due to non-compliance with MiCA. The European Securities and Markets Authority (ESMA) has been pushing exchanges to restrict trading of non-compliant stablecoins, with full enforcement set for March 31, 2025.

Tether, the issuer of USDT, has warned that the new reserve requirements for stablecoins could create systemic risks for both the banking sector and digital assets. Despite these challenges, Tether is actively investing in projects that align with European regulations, such as Quantoz and StablR, which focus on euro-based stablecoins designed for full regulatory compliance.

Crypto.com's move comes after the exchange secured full regulatory approval from the Malta Financial Services Authority (MFSA) on January 27, 2025. This approval allows Crypto.com to provide regulated crypto services throughout Europe, ensuring greater transparency and legal certainty for its users. The exchange's commitment to operating within a structured regulatory environment is further reinforced by this decision.