Crypto.com Delists 10 Tokens in Europe, Binance Faces French Probe

Crypto.com, a leading cryptocurrency exchange, has announced its intention to delist Tether's USDT and nine other tokens across its European operations starting January 31, 2025. This move is in compliance with the EU's Markets in Crypto-Assets (MiCA) regulations, which aim to enhance consumer protection and market integrity in the crypto sector.

After January 31, users will no longer be able to deposit the affected tokens on Crypto.com's European platforms. However, they will still be able to withdraw these tokens until March 31, 2025. Any remaining balances beyond this date will be automatically converted to a MiCA-compliant stablecoin or another asset of equivalent market value.

The tokens being delisted 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. This decision follows an earlier announcement by Coinbase, which also plans to delist 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. Crypto.com's move demonstrates its commitment to adhering to regulatory standards and ensuring a secure trading environment for its users.

Meanwhile, French prosecutors have launched a judicial investigation into Binance, targeting allegations of money laundering, tax fraud, and illegal client solicitation between 2019 and 2024. The probe, led by France's economic and financial crime unit (JUNALCO), also examines the exchange's role in facilitating illicit transactions linked to drug trafficking.

Binance, the world's largest crypto exchange, has denied the allegations and vowed to "vigorously fight any charges." However, this is not the first regulatory hurdle for the company, which has faced investigations across multiple jurisdictions, including the United States, Australia, and the UK.

The French investigation reportedly started after multiple complaints from users alleging they were misled into investing on Binance without adequate disclosures. Additionally, regulators are questioning whether Binance operated without the necessary approvals in France and the