Crypto.com, one of the leading cryptocurrency exchanges, has announced the delisting of the USDT stablecoin for its European Union customers. This move comes in response to the EU's Markets in Crypto Assets (MiCA) regulations, which require stablecoin issuers to be registered as electronic money institutions—a requirement that USDT's issuer, Tether, does not meet.
EU-based users must convert their USDT holdings by March 31, or the exchange will automatically convert them to a compliant stablecoin. Other crypto assets, including Wrapped Bitcoin and Dai, will also be removed from Crypto.com's European offerings.
Despite securing a full MiCA license, Crypto.com faces challenges, with its CRO token underperforming, losing 10.5% against the US dollar in the past month.