According to the latest decision, crypto exchange OKX delisted Tether from the platform for EU users. Here are more details about the matter below.
OKX delists Tether for EU users
Crypto exchange OKX has discontinued support for cryptocurrency trading pairs involving Tether’s USDT stablecoin for users located in the European Union and the European Economic Area (EEA), according to a statement provided to CoinDesk by the exchange.
A follower on X hopped in the comments section and said the following:
“OKX discontinuing USDT trading pairs for EU users hints at potential regulatory challenges for the largest stablecoin.”
Someone else commented: “Changes in the air? OKX’s decision to discontinue USDT trading pairs hints at shifting regulatory landscapes.”
OKX’s platform on Monday offered spot crypto trading only with USDC and euro pairs, while USDT could only be traded against USDC and euro, according to CoinDesk’s confirmation through an E.U.-based OKX account.
Breaking: @Tether_to $USDT pairs have been removed by @okx in the EU 👀
Only $EUR and $USDC @circle pairs now allowed. Huge news. pic.twitter.com/E1HNHRaLkB
— MartyParty (@martypartymusic) March 18, 2024
An OKX spokesperson stated that the decision to focus on euro-denominated liquidity in the region was the reason for the action.
“This year our focus is to expand EURO pair liquidity and become the preferred venue for EURO to crypto spot trading,” the statement from the exchange said.
“We evaluated this decision and delisting the current USDT pairs only impacts a small subset of our user base. Importantly, we’ve recently expanded our product offering in the EEA by introducing a variety of Euro fiat onramps and Euro pairs.”
CoinDesk notes the following: “USDT remains available on the platform for EEA-based users to deposit and withdraw, and buy, sell and convert on over-the-counter (OTC) trading, the exchange’s representative added.”
Stay tuned for more juicy news from the crypto industry.