Media: OKX will remove trading pairs from USDT in Europe
ForkLog has reached out to OKX for comment, but has not received a response at the time of writing.
The OKX cryptocurrency exchange will delist trading pairs with Tether's USDT stablecoin for customers from the EEA. This is what The Block writes about.
The publication refers to an email received by one of the European traders, and cites the upcoming entry into force of the draft law on the regulation of cryptocurrencies in the European Union (Markets in Crypto Assets, MiCA) as the reason. The document will enter into force in full on December 30, 2024.
A support representative confirmed to reporters that the "stable coin" has been unavailable to users in the EEA since March 14.
ForkLog has reached out to OKX for comment, but has not received a response at the time of writing.
MiCA obliges stablecoin operators to obtain a license from the competent authority of an EU member state and comply with the rules to ensure the stability of their tokens.
According to the document, issuers of "stable coins" must conduct stress tests and cover 3% of reserves with their own capital. Read more about MiCA in the cards.
Earlier, former Binance CEO Changpeng Zhao called the bill "fantastic" but "a little strict" regarding stablecoins.
According to experts interviewed by ForkLog, MiCA will increase the investment attractiveness of the EU, but at the same time it can increase the costs of compliance with regulatory requirements.
Source: https://forklog.com/news/smi-okx-udalit-torgovye-pary-s-usdt-v-evrope
