Crypto.com Delists Major Tokens in Europe Amid MiCA Compliance

Crypto.com, a leading cryptocurrency exchange, has announced its decision to delist several major tokens in Europe, including USDT and WBTC, effective January 31, 2023. This move is in response to the implementation of the Markets in Crypto-Assets Regulation (MiCA) framework, which aims to provide a harmonized regulatory environment for crypto-asset service providers across the European Union.

The delistings will affect a total of 10 cryptocurrencies, including 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. The exchange will disable the deposit functionality for these assets as of January 31, but users will still be able to withdraw their holdings until the end of the first quarter of 2025.

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.

The European Securities and Markets Authority (ESMA) recently pushed European crypto asset service providers (CASP) to comply with MiCA regulations by January 31, 2023. This deadline has prompted several exchanges, including Crypto.com, to delist non-compliant tokens.

Crypto.com's commitment to complying with evolving regulatory frameworks while safeguarding user assets is evident in this strategic move. The exchange continues to monitor the regulatory landscape and adapt its services accordingly to ensure a secure and compliant trading environment for its users.