OKX has reportedly listed USDT pairs in Europe
Seychelles-based cryptocurrency and digital assets exchange OKX has stopped support for Tether (USDT) trading pairs in the European Economic Area, according to images shared on the X social media platform.
A message shared by X user MartiParty showed a screenshot of a customer support message confirming that USDT trading pairs are no longer supported in the European market.
In the article:
“We would like to inform you that USDT trading pairs have been discontinued in your current region. Please note that not all tokens are supported in all markets due to regulatory requirements.” […] Going forward, only EUR and USDC pairs will be available for spot trading.
The message goes on to mention that more than 30 new Euro spot trading pairs will be launched on OKX amid USDT trading pair eliminations.
As of the time of this article, it was not clear what triggered the reported list of cancellations. Neither OKX nor Tether returned immediate responses to Cointelegraph's requests for more information.
Speculation has been rife on social media that the cancellation is related to stablecoin rules included in markets under the Crypto-Assets (MiCA) regulatory framework. While the aforementioned customer support message doesn't state whether this is the case, it mentions that “regulatory requirements” were responsible for the differences in token listings across geographic locations.
Cointelegraph recently reported that EU regulators published draft rules for stablecoin issuer complaint procedures on March 14. While the complaint reporting reform seems relatively innocuous, pushing for additional legislation in the first quarter of 2024 could prove difficult for more exchanges. Compliance with the new regulations.
EU MCA Act 2010 It is expected to go into effect by the end of 2024, but the stablecoin rules are expected to come into force earlier than the general legislative package in the second quarter of 2024.
Related: Binance to cancel many TrueUSD trading pairs
