Basri Caneri 
Crypto.com, the cryptocurrency exchange that announced that it will delist Tether (USDT) and nine other tokens in Europe, stated that it will make this move by January 31, 2025 in order to comply with the Markets in Crypto-Assets Regulation (MiCA) framework. This step stands out as a first among service providers seeking to comply with the European Union’s MiCA regulations.
Until March 31, Tokens Can Be Converted
Crypto.com will stop trading USDT and nine other tokens as of January 31. However, users will have until March 31, 2025 to withdraw or convert these tokens into MiCA-compliant assets. Any tokens not converted after this date will be automatically converted by the exchange into MiCA-compliant stablecoins or assets equivalent in value.
Crypto.com’s representative stated that this process is an important step to protect users and ensure full compliance with the regulatory framework.
Which Tokens Will Be Delisted?
Among the tokens that Crypto.com will delist are the following:
- Tether (USDT)
- Wrapped Bitcoin (WBTC)
- Dai (DAI)
- Pax Dollar (PAX)
- Pax Gold (PAXG)
- PayPal USD (PYUSD)
- Crypto.com Staked ETH (CDCETH)
- Crypto.com Staked SOL (CDCSOL)
- Liquid CRO (LCRO)
- XSGD (XSGD)
These tokens are being delisted in line with the European Securities and Markets Authority’s (ESMA) announcement to limit non-MiCA-compliant stablecoins as of January 31, 2025.
Expanding Delist Trend for Tether (USDT)
Crypto.com’s delisting of USDT is one of the latest developments in the process of European exchanges and service providers adapting to MiCA regulations. Coinbase had delisted USDT in October 2024 on the grounds that it was not MiCA-compliant . Coinbase had given its customers the option to convert their USDT into MiCA-compliant stablecoins, specifically Circle’s USDC.
With MiCA in full effect, many crypto asset service providers in Europe have obtained or are working to obtain MiCA licenses. Crypto.com is also in the process of obtaining a license in Malta.
The Competition Between USDT and Its Rivals
USDT is the largest stablecoin in the market with a market capitalization of $139 billion. However, its rival USDC, which benefits from MiCA compliance, is currently in second place with a market capitalization of $52 billion. Circle’s USDC was approved as MiCA-compliant in July 2024, enabling the USDC to gain acceptance in the European market.
Impact of MiCA Regulations on the Industry
MiCA regulations aim to make the operations of crypto asset service providers more transparent and compliant. However, the fact that the market’s largest stablecoins, especially USDT, are not covered by MiCA may affect investors’ preferences. After March 31, USDT is expected to be completely abolished in Europe, and the impact of this on the market is a matter of curiosity.
Crypto.com’s move is seen as an important milestone on the road to compliance with MiCA regulations. However, these changes could reshape the dynamics of the cryptocurrency market.
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