Crypto.com to restrict access to USDT and other crypto assets for European users
Date: 2025-01-29 Author: Gabriel Deangelo Categories: BUSINESS
This follows from a letter sent by the exchange to its clients. In addition to USDT, restrictions will affect wBTC, DAI, Pax Dollar (PAX), Pax Gold (PAXG), PayPal USD (PYUSD), Crypto.com Staked ETH (CDCETH), Crypto.com Staked SOL (CDCSOL), Liquid CRO (LCRO), and XSGD (XSGD).
Users who have the specified tokens in their accounts are asked to exchange them for assets that meet MiCA requirements by March 31. If they fail to do so, their assets will be automatically converted into stablecoins or other crypto assets with a similar market value. These changes came shortly after the exchange received preliminary approval to operate from the Maltese regulator.
Crypto.com is not the only trading platform to stop supporting USDT in Europe. In December, Coinbase made a similar decision, notifying users that it would stop trading not only USDT, but also PAX, PYUSB, USB, QUYEN, and DAILY. In both cases, the reason was the non-compliance of the assets with the new MiCA regulations.
It is worth noting that at the end of last year, Crypto.com entered into an agreement with Deutsche Bank, which now provides corporate banking services to the exchange's clients.
