Bloomberg reports that as of Monday, spot crypto trading on the OKX platform has been limited to USDC and euro pairs only, while USDT can now only be traded in USDC and euro.
This change was first reported by a trader on the X platform, who shared a customer support note stating that the change was related to regulatory compliance and platform security.
OKX Focuses on Euro Liquidity
A spokesperson for OKX said the decision was taken to increase the focus on euro liquidity in the region. "Our goal this year is to become the preferred venue for crypto spot trading with the euro by increasing euro pair liquidity," the spokesperson said.
"In evaluating this change, we found that the removal of existing USDT pairs affects a small portion of our users. Importantly, we have expanded our product range by introducing euro fiat crosses and euro pairs in the EEA."
Despite the removal of USDT trading pairs for EU users, USDT will continue to be available on the OKX platform for a variety of transactions, including deposits, withdrawals and over-the-counter (OTC) trading.
With $100 billion in trading volume, USDT serves as a fundamental component of crypto, especially as the most liquid trading pair for Bitcoin (BTC) and other digital assets.
OKX's move could be in anticipation of potential regulatory challenges for the stablecoin, which is popular in the region, with the EU introducing a digital asset regulatory framework called MiCA.
Tether Surpasses $100 Billion Market Cap
In early March, Tether's (USDT) market capitalization surpassed $100 billion, an impressive 9% growth since the beginning of the year.
USDT now has a market capitalization gap of $71 billion over its closest competitor, USD Coin (USDC). However, concerns about the quality of the assets behind USDT still persist in the cryptocurrency industry. A recent United Nations report highlighted the link between Tron's popularity and cyber fraud and money laundering activities in Southeast Asia.
Tether denied these allegations, emphasizing its cooperation with law enforcement and the traceability of its token. In response to the UN report, Tether said that it has cooperation with global law enforcement, including the Department of Justice (DOJ), Federal Bureau of Investigation.
