Crypto.com, one of the leading global crypto exchanges, has announced plans to delist Tether’s USDT and nine other tokens from its platform. The decision comes as part of implementing the Markets in Crypto-Assets Regulation (MiCA) framework.
The crypto exchange listed other affected tokens in addition to USDT, including WBTC, DAI, Pax dollar (PAX), Pax gold (PAXG), PayPal USD, Cryptocom Staked ETH (CDCETH), Cryptocom Staked SOL (CDCSOL), Liquid CRO (LCRO), and XSGD (XSGD).
USDT is the largest stablecoin in the market, with a market capitalization of over $139 billion as of this writing.
Crypto.com Discontinues USDT and Others
According to Crypto.com, the purchase of these tokens will be suspended on July 31, 2025. Once deposits are disabled, the exchange will allow withdrawals for the impacted tokens until March 31, 2025. The complete delisting process will occur by the end of the first quarter.
The platform further noted that users holding these tokens must convert them to MiCA-compliant assets by March 31, the end of Q1, or they will be automatically exchanged for a compliant stablecoin or an asset of equal market value.
The removal of USDT, widely used as a stable trading pair on the platform, may be disruptive for many traders.
ESMA Structures Regulation
The delistings align with a recent statement from the European Securities and Markets Authority (ESMA), urging European crypto asset service providers (CASPs) to limit non-MiCA-compliant stablecoins by January 31.
The issue of USDT delistings in the European Union has sparked significant discussion within the crypto community, especially after Coinbase revealed in October 2024 that USDT would be delisted as a non-compliant stablecoin under MiCA.
Following its removal of the stablecoin in mid-December 2024, Coinbase Europe allowed users to convert their USDT holdings into MiCA-compliant alternatives, such as Circle’s USD Coin.
Although MiCA regulations came into full effect on December 30, many crypto asset service providers (CASPs) in the EU continued trading USDT following Coinbase’s delisting.
Since the regulations were comprehensively enforced, several European CASPs have successfully obtained MiCA licenses, while others, like Crypto.com, are actively securing one in Malta.