OKX European Users Can No Longer Access USDT after Delisting by the Exchange

Bittime - Crypto holders in Europe are now facing significant changes. Crypto exchange OKEx, one of the largest by trading volume, has discontinued support for trading pairs involving Tether (USDT), a stablecoin pegged to the US dollar, for users based in the European Union (EU) and the European Economic Area (EEA).

Confirmation of USDT Delisting by OKEx

The USDT delisting decision was confirmed directly by an OKEx spokesperson. The reason given is OKEx's focus on expanding Euro currency liquidity in the region. "This year our focus is to expand the liquidity of Euro pairs and become the platform of choice for Euro to crypto spot trading," said a statement from OKEx.

OKEx's actions point to possible regulatory challenges for Tether in the EU, as the region prepares to implement its comprehensive digital assets regulatory framework, known as MiCA (Markets in Crypto-Assets). 

Under MiCA, stablecoin issuers will be required to seek regulation as electronic money institutions. This regulatory landscape could make many of the stablecoins currently available in Europe illegal due to a lack of authorization and regulation as electronic money transmitters.

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Impact of USDT Delisting

OKEx's delisting of USDT could potentially have several impacts for users in Europe:

• Limited Trading Options: Users who are used to using USDT for trading other cryptocurrencies now have more limited options. They need to convert their USDT holdings to Euros or other crypto assets supported by OKEx.
• Potential Price Volatility: Lack of USDT liquidity on OKEx may impact the price stability of other trading pairs previously paired with USDT.

Alternative for European Users

Even though USDT is no longer available, OKEx users in Europe still have an alternative:

• EUR Trading Pairs: As OKEx stated, they are now focusing on developing the liquidity of Euro-based trading pairs. Users can utilize EUR pairs to carry out crypto trading.
• Other Stablecoins: Some other stablecoins such as USDC (USD Coin) or DAI may still be available on OKEx and can be used as USDT alternatives.

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Many Questions Remain Regarding This Decision

OKEx's decision to delist USDT raises several questions:

• Impact on Tether's Reputation: The delisting of USDT by a large exchange like OKEx could raise questions about the trustworthiness of the stablecoin.
• OKEx Long-Term Decision: It is not yet clear whether the USDT delisting is temporary or permanent. Users are advised to continue to follow developments from OKEx.

This incident shows the dynamics that occur in the crypto market. Regulators and exchanges continue to make policy adjustments that may impact users' investment choices and trading activities.  

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How to Buy Tether (USDT) on Bittime

You can buy and sell  Tether (USDT)  in an easy and safe way via  Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

Tether (USDT)  is available on Bittime with  the USDT/IDR market pair . To be able to buy  USDT/IDR  at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn the complete guide on how to buy Tether (USDT) on Bittime . 

Monitor price chart movements  of Tether (USDT) , Ethereum (ETH) ,  Solana (SOL)  and other cryptos to find out today's crypto market trends in real-time on Bittime. 

Also Read:

MiCA: Unraveling Crypto Asset Regulation in Europe

How Does Tether (USDT) Influence Global Economic Development? Read the explanation

Buy USDT: The Stablecoin That Reaches $100 Billion Market Cap

DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.