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The cryptocurrency exchange OKX is now discontinuing its support for Tether (USDT) trading pairs for investors in the European Economic Area (EEA).
This critical move has come at the time that the European Union (EU) is preparing to implement a comprehensive regulation for cryptocurrencies.
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According to an email received by an investor living in Europe, OKX, the world’s fourth largest cryptocurrency exchange in terms of trading volume, is discontinuing its support for USDT trading pairs in the countries located in the European Economic Area.
A representative from OKX‘s customer support unit confirmed on Monday, March 18th, that Tether will not be able to be used by investors located in the European Economic Area. The email from OKX emphasized that not all tokens are available in all markets due to regulatory requirements.
The delisting process is planned to take place a few months before the Crypto Asset Markets (MiCA) regulation of the European Union, which will come into effect on December 30, 2024. With this regulation, it is expected that the use of certain stablecoins will be restricted in the region.