OKX allegedly removes USDT pairs in Europe

OKX, a cryptocurrency exchange based in Seychelles, has reportedly ceased support for trading pairs involving Tether (USDT) in the European economic area. This information was shared on the X social media platform by user MartyParty, who posted a screenshot of a customer support message confirming the removal of USDT trading pairs in the European market. The message also mentioned that more than 30 new euro spot trading pairs would be introduced on OKX. The reason behind the delistings is not yet clear, as neither OKX nor Tether have responded to requests for further information. Speculation on social media suggests that the delisting may be related to stablecoin regulations outlined in the Markets in Crypto-Assets (MiCA) framework. While the customer support message did not explicitly state this, it did mention that “regulatory requirements” were responsible for the discrepancy in token listings across different geographic areas. EU regulators recently published draft rules for stablecoin issuer complaint procedures, indicating a push for further legislation that could pose challenges for exchanges trying to comply with the new rules. The MiCA legislation is expected to come into effect by the end of 2024, with stablecoin rules scheduled for launch in the second quarter of that year. In related news, Binance has announced plans to delist several TrueUSD trading pairs.