OKX Stops Trading in USDT Pairs in Europe

Cryptocurrency exchange OKX is set to delist Tether's USDT stablecoin trading pairs for clients in the European Economic Area (EEA).

The reason for delisting is the upcoming entry into force of the bill on the regulation of cryptocurrencies in the European Union (MiCA).

According to information obtained by The Block from a European trader, the “stable coin” USDT has become unavailable to users in the EEA since March 14. The full decision should come into force on December 30, 2024.

An OKX support representative confirmed the delisting to reporters, but did not provide comments at the time of publication.

MiCA obliges stablecoin operators to:

• Obtain a license from the competent authority of an EU Member State.
• Follow the rules to ensure the stability of your tokens.

In particular, stablecoin issuers must:

• Conduct stress tests.
• Cover 3% of reserves with equity capital.