Revolut announced it will delist Tether (USDT) from its platform for customers in the European Economic Area (EEA) and Switzerland, but support remains unchanged outside these regions. The move follow
In a recent development, Revolut, a leading crypto-friendly digital banking platform, announced that it will delist Tether USDt (USDT) from its services for customers in the European Economic Area (EEA) and Switzerland. However, USDT support will continue outside these regions.
Revolut stated that this decision was made following an internal review of its cryptocurrency offerings under the EU's Markets in Crypto-Assets Regulation (MiCA). The company noted that it is discontinuing USDT for EEA customers but maintaining support elsewhere as part of a broader regulatory compliance strategy.
This delisting comes after initial steps were taken to remove USDT from Revolut’s trading platform, specifically targeting its EEA retail offering. The move aligns with trends seen across the EU where crypto platforms are phasing out USDT due to Tether's decision not to seek authorization under MiCA.
The impact of this delisting on traders and users is significant as it affects a substantial portion of Revolut’s customer base in EEA countries such as Germany, France, and Italy. Swiss customers will also be impacted despite Switzerland being outside the EEA and directly covered by MiCA regulations.
This decision reflects broader regulatory trends but raises questions about the scope of crypto services offered by Revolut. The company did not provide a comprehensive list of jurisdictions where it currently offers cryptocurrency services or clarify its future plans post-MiCA compliance.
The delisting underscores the evolving landscape of stablecoin regulation in Europe and highlights the challenges faced by crypto platforms as they adapt to new regulatory requirements. Traders should monitor how other major European banks and financial institutions respond to similar regulatory pressures.
Source: Cointelegraph. Summarized and rewritten by the Vexoda Newsroom. This is market news, not financial advice.