- OKX phases out USDT trading in EEA ahead of EU crypto rules.
- EU’s MiCA regulation prompts OKX to limit stablecoin use in Europe.
- OKX receives preliminary MPI license approval from Singapore’s Monetary Authority.
OKX is in the process of phasing out trading pairs involving Tether
A communication from OKX to a European trader indicates that the crypto exchange ceases support for USDT trading pairs. This delisting is scheduled to occur several months before the expected enforcement of the EU’s Markets in Crypto-Assets (MiCA) regulation, which is set to be fully effective on December 30, 2024. Due to this regulation, the use of certain stablecoins will be limited within the region.
Adherence to Regulations
On Monday, a customer support representative confirmed that EEA-based traders could no longer trade with Tether as of March 14. However, as per the information available on OKX’s website on March 15, EEA traders could still engage in USDT trading pairs.
The industry is witnessing an increasing trend towards compliance with domestic and global financial regulations, as evidenced by OKX’s preemptive measures. The outcome of this strategic adjustment remains to be seen.
The Monetary Authority of Singapore (MAS) recently granted OKX preliminary approval for a major payment institution (MPI) license, marking a significant milestone for the exchange. This approval reinforces OKX’s status as a key player in the Singaporean cryptocurrency exchange market, placing it among the region’s regulated platforms.
Moreover, OKX president Hong Fang has highlighted the exchange’s global expansion strategy, which includes Singapore. He attributes this to Singapore’s favorable regulatory climate and its strategic position in the Southeast Asian market. Fang asserts that OKX’s steadfast dedication to regulatory compliance is fundamental to the exchange’s business approach.
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