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Crypto alert: Tether’s USDT delisting – What every investor must know
In a shocking move, cryptocurrency exchange Coinbase has delisted Tether’s USDT from its platform, citing “non-compliance” with the EU’s Markets in Crypto Assets Regulation (MiCA). This decision has sent shockwaves throughout the crypto community, leaving many investors wondering what this means for their investments.
Firstly, it is essential to understand that the European Securities and Markets Authority (ESMA) has not officially communicated on USDT’s compliance status as of now. Binance, another prominent exchange, has restricted certain services for EU users while stating that “USDT remains supported for custody; deposits and withdrawals are not affected.” This ambiguous situation has led many to question whether Tether is compliant with MiCA guidelines.
Juan Ignacio Ibanez, a technical member of the EU crypto compliance advocacy group MiCA Crypto Alliance, believes that ESMA’s silence does not suggest USDT is compliant. However, some insiders have pointed out that only Coinbase, which has a vested interest in Circle’s USDC, has taken this step. CEO of BTC nation-state advisory firm Jan3, Samson Mow, referred to the delisting as a “Tether FUD,” or Fear, Uncertainty, and Doubt.
The sudden delisting has had an immediate impact on Tether’s market capitalization, which has plummeted by $4 billion from $141 billion to $137 billion. This significant drop is likely to affect liquidity in EU markets and potentially reinforce the dominance of US-based platforms.
As investors, it is crucial to stay informed about this development and consider the potential implications for your portfolio.
Source: ambcrypto.com
