Krisztian Sandor is a reporter on the U.S. markets team focusing on stablecoins and institutional investment. He holds BTC and ETH.
Crypto exchange OKX has ceased support for cryptocurrency trading pairs with Tether's USDT stablecoin for users based in the European Union and the European Economic Area , the exchange confirmed to CoinDesk.
As of Monday, OKX's platform offered spot crypto trading only with USDC and euro pairs, while USDT could only be traded against USDC and euro, CoinDesk confirmed via an E.U.-based OKX account.An OKX spokesperson, however, said that the action was driven by OKX's decision to focus on euro-denominated liquidity in the region.
"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.
USDT remains available on the platform for EEA-based users to deposit and withdraw, and buy, sell and convert on over-the-counter trading, the exchange's representative added.The $100 billion USDT is the largest stablecoin by trading volume and a key piece of infrastructure for crypto trading on centralized exchanges, being the most liquid trading pair for bitcoin
The crypto exchange's action could foreshadow regulatory headwinds in the region for the world's most popular stablecoin, as the E.U. is poised to put its comprehensive digital asset regulatory framework calledThe new rules will require stablecoin issuers to be regulated as electronic money institutions, Jón Egilsson, co-founder and the chairman of Monerium,in a CoinDesk article.
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