- Introduction of over 30 new euro spot trading pairs by OKX follows the cessation of USDT pairings due to regulations.
- Speculation links USDT pair removal to MiCA regulatory framework, with “regulatory requirements” influencing token listings across regions.
- Despite USDT delisting, OKX enhances service offerings in EEA with euro fiat onramps and euro-denominated trading pairs.
The cryptocurrency exchange OKX has announced modifications to its trading framework for users within the European Union (EU) and the European Economic Area (EEA). Information disseminated through a social media post by user MartyParty revealed a customer support message detailing that trading pairs involving Tether’s USDT will no longer be supported in the European market. The communication from OKX to its clientele elucidated:
“The availability of USDT trading pairs in your current region has been discontinued… Henceforth, only EUR and USDC pairs will remain accessible for spot trading.”
This adjustment coincides with the introduction of over 30 new euro spot trading pairs, signalling a significant shift in the platform’s offerings.
Breaking: @Tether_to $USDT pairs have been removed by @okx in the EU 👀
Only $EUR and $USDC @circle pairs now allowed. Huge news. pic.twitter.com/E1HNHRaLkB
— MartyParty (@martypartymusic) March 18, 2024
The precise catalyst behind the cessation of USDT trading pairs has not been publicly clarified by OKX or Tether. Nonetheless, speculation amongst the cryptocurrency community suggests a connection to the regulatory measures encapsulated within the Markets in Crypto-Assets (MiCA) framework.
Although the customer support message stopped short of naming MiCA explicitly, it acknowledged “regulatory requirements” as a determinant in the geographic variance of token listings.
This decision amidst the backdrop of the EU’s proactive steps towards digital asset regulation, with the MiCA legislation slated for implementation by the end of 2024. Moreover, the legislation encompasses provisions for stablecoin regulations, expected to precede the broader legal framework in the second quarter of 2024.
OKX has reassured that the alteration will impact only a minimal segment of its user base, having recently augmented its service offerings in the EEA with a suite of euro fiat onramps and euro-denominated trading pairs.
While the direct trading pairs involving USDT have been phased out, users within the region retain the ability to engage with USDT through the platform’s over-the-counter (OTC) market.
This manoeuvre by OKX underscores the exchange’s adaptability to the stringent regulatory and security demands characterising the digital asset landscape in Europe. As the continent gears up for the comprehensive digital asset regulation under MiCA, which mandates stablecoin issuers to be regulated as electronic money institutions, the crypto community watches closely.
