OKX has stopped Tether trading in the EEA in anticipation of the MiCA regulation. This decision marks a proactive step by the exchange to comply with upcoming financial rules, potentially affecting the usability and acceptance of stablecoins like USDT.
OKX, the world’s fourth-largest crypto exchange, is discontinuing Tether (USDT) trading pairs in the European Economic Area (EEA) ahead of the EU’s Markets in Crypto-Assets (MiCA) regulation, set to be fully implemented on December 30, 2024. MiCA aims to establish a comprehensive framework for cryptocurrency operations, with a particular emphasis on the governance of stablecoins like USDT.
This regulatory stride signifies the EU’s commitment to safeguarding its financial ecosystem while nurturing innovation in the fintech sector. The proactive measures taken by OKX reflect a broader industry trend toward compliance with local and international financial regulations.
According to a recent confirmation from OKX’s customer support, Tether ceased to be available to traders in the EEA on March 14. This development came despite OKX’s website indicating the availability of USDT pairs in the EEA as late as March 15, raising questions about the exchange’s readiness for the regulatory shift. The impact of this strategic adjustment remains to be seen.
