OKX to pull USDT trading pairs in Europe

OKX is phasing out tether trading pairs in the European Economic Area (EEA) as the European Union (EU) prepares to adopt a comprehensive regulatory framework for cryptocurrencies, The Block has confirmed.

The world’s fourth largest cryptocurrency exchange by trading volume is ceasing support for USD-T trading pairs, according to an email a European trader received. The delisting comes several months before the EU’s scheduled implementation of MiCA, which becomes fully effective on Dec. 30, 2024. The regulation would restrict the use of certain stablecoins in the region.

A customer support representative confirmed on Monday that tether became unavailable to traders in the EEA beginning March 14. OKX’s website, however, showed that USDT pairs were still available in the EEA as of March 15.

The email from OKX, which The Block reviewed, did not explicitly attribute the delisting to MiCA, but it stated the following:

“Please note that not all tokens are available in all markets due to regulatory requirements.”

An OKX representative did not immediately reply to The Block’s request for comment via email.