Crypto.com Delists 10 Tokens in Europe to Comply with MiCA

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 make new deposits for the affected tokens, but they will still be able to withdraw them until March 31, 2025. Any remaining balances beyond that date will be automatically converted to a MiCA-compliant stablecoin or another asset of equivalent market value, according to Crypto.com.

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 delisted USDT in Europe due to non-compliance with MiCA regulations.

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 is a proactive step to ensure compliance with the new regulations and protect its users.