OKX Ceases USDT Trading Pairs in Europe, Favors EUR and USDC

In a recent development, OKX, a cryptocurrency exchange headquartered in Seychelles, has opted to discontinue support for Tether (USDT) trading pairs within the European economic area. This decision, as depicted in screenshots circulating on social media, indicates a shift towards exclusively facilitating trading pairs involving EUR and USDC.

The change was illuminated through a user-shared screenshot of a customer support message, confirming the termination of USDT trading pairs in the European market.

According to the disclosed message, regulatory requirements are cited as the rationale behind this modification, emphasizing that not all tokens are universally supported across different markets. Henceforth, spot trading options will be limited to EUR and USDC pairs.

Moreover, amidst the removal of USDT trading pairs, OKX plans to introduce more than 30 new euro spot trading pairs, amplifying its offering in the region.

The exact impetus behind these delistings remains ambiguous at present, with neither OKX nor Tether providing immediate clarification upon request.

Speculation on social media suggests a plausible connection between the delisting and the stablecoin regulations proposed under the Markets in Crypto-Assets (MiCA) regulatory framework. Although the customer support message refrains from explicitly stating this correlation, it does allude to “regulatory requirements” dictating token listings across different geographical areas.

Recent developments within EU regulatory circles have seen the publication of draft rules concerning stablecoin issuer complaint procedures. While seemingly procedural, the timing of these updates, occurring late in the first quarter of 2024, may pose challenges for exchanges endeavoring to ensure compliance with evolving regulations.

MiCA legislation, slated for full enactment by the end of 2024, anticipates the introduction of stablecoin rules in the second quarter of the same year.