cryptonewsland.com
- Crypto exchange OKX is gradually stopping USDT trading pairs.
- OKX supports the launch of euro (EUR) fiat currency on-ramp service.
- The European Union is planning to embrace a cryptocurrency.
On Monday, March 18 2024, OKX the platform offered crypto spot trading only with USDC and euro pairs, while USDT can only be traded against USDC and euro, CoinDesk confirmed via an EU-based OKX account.
But an OKX spokesperson said the move was prompted by OKX’s decision to focus on euro-denominated liquidity in the region. USDT remains available on the platform for EEA-based users to deposit and withdraw, as well as buy, sell, and convert on trades over-the-counter (OTC), added the exchange representative.
USDT now valued at around $100 billion is the largest stablecoin by trading volume and is a key part of the crypto trading infrastructure on centralized exchanges, being the most liquid trading pair for bitcoin (BTC) and other crypto assets.
OKX founder StarXu allegedly outlined the exchange’s cautious stance, emphasizing their focus on finding valuable and early-stage utility tokens for their customers.
“Let me be clear, the vision of the OKX listing team is to find early-stage utility tokens that are valuable for our customers. We do not accept offers for delisting, we research potential projects from the market and continue to track token performance for a long time,” says StarXu in a tweet.
According to StarXu, OKX’s listing team did all of that as a regular procedure before making any listing decision. OKX claims that this change only affects a small portion of its user base.
Additionally, OKX added that their crypto exchange has expanded its product offerings in the European economic area, introducing a variety of euro fiat currencies, and euro trading pairs to customers in this region.
The news of OKX USDT delisting from the European Economic Area comes at a time when the European Union is planning to embrace a comprehensive regulatory system for cryptocurrencies.
Agreeing to the plan, the usage of the European Union’s new crypto regulatory regime (MiCA) will take full impact on December 30, 2024. The direction will restrain the utilization of certain stablecoins inside the European Union.