The crypto landscape in Europe remains dynamic as the December 30 deadline for full implementation of the Markets in Crypto-Assets (MiCA) regulation draws near. Despite Coinbase's recent decision to delist Tether’s USDT for European clients, major exchanges including Binance, Crypto.com, Kraken, KuCoin, MEXC, and Bitget continue to support USDT trading pairs across their European platforms.
This divergence in exchange strategies highlights the uncertainty surrounding MiCA compliance—and whether Tether’s flagship stablecoin qualifies as non-compliant. While regulatory clarity is still evolving, market activity suggests that most platforms are maintaining access to USDT for now, prioritizing user demand and liquidity.
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Why Is Coinbase Delisting USDT in Europe?
Coinbase announced the removal of Tether’s USDT from its European services on December 13, citing upcoming MiCA requirements. The U.S.-based exchange classified USDT as a "restricted stablecoin" under MiCA guidelines—a stance it has held since at least October 2024.
Under MiCA’s first phase, which became effective in June 2024, issuers of asset-referenced tokens (ARTs) and significant electronic money tokens (EMTs) must meet strict capital, transparency, and redemption rules. While the full framework won’t be enforced until December 30, 2025, proactive platforms like Coinbase are adjusting early to ensure compliance.
However, no official statement from European regulators has confirmed that USDT is outright non-compliant. This lack of definitive guidance leaves room for interpretation—and explains why many exchanges continue listing the stablecoin.
Are Other Exchanges Following Suit?
Most major crypto exchanges operating in the EU have not followed Coinbase’s lead. Binance, Kraken, and Crypto.com all maintain active USDT trading pairs for European users. Similarly, KuCoin, MEXC, and Bitget continue offering USDT deposits, withdrawals, and trading functionality.
When asked about potential delisting plans, OKX clarified that while it shifted focus toward EUR- and USDC-based trading pairs earlier in 2024, USDT remains available on its platform for EEA users.
“USDT is still available on our platform, but we have prioritized spot trading pairs in EUR and USDC for the EEA region. Any future announcements regarding potential delistings will be made publicly through our official channels,” an OKX spokesperson told Cointelegraph on December 17.
This nuanced approach reflects a broader industry trend: balancing regulatory preparedness with market reality. With USDT still dominating trading volume and liquidity metrics across global markets, removing it entirely could disrupt user experience and competitive positioning.
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What About Bitpanda?
Bitpanda, a Vienna-based exchange popular in Central Europe, declined to comment on whether it has removed or plans to remove USDT. However, as of mid-December 2025, the stablecoin remains accessible on its platform—further indicating that delisting is not yet an industry-wide move.
Understanding MiCA’s Impact on Stablecoins
The Markets in Crypto-Assets (MiCA) regulation represents the European Union’s most comprehensive effort to bring clarity and oversight to the digital asset sector. One of its core components is the regulation of stablecoins, particularly those with widespread adoption and systemic risk potential.
Under MiCA:
- Asset-Referenced Tokens (ARTs) like USDT must meet stringent requirements around reserves, governance, and consumer protection.
- Electronic Money Tokens (EMTs) backed one-to-one by fiat currencies face lighter rules but must still comply with licensing and disclosure obligations.
- Issuers must be authorized legal entities based in the EU.
- Redemption rights must be guaranteed at par value.
- Minimum capital requirements apply depending on issuance size.
Tether has not yet obtained formal MiCA authorization, which may explain Coinbase’s cautious stance. However, other exchanges appear to be waiting for clearer signals from regulators before making irreversible decisions.
Market Implications of Continued USDT Availability
The ongoing availability of USDT across major platforms suggests several key insights:
- Liquidity Preference: Traders and institutions rely heavily on USDT due to its deep order books and low slippage.
- Regulatory Wait-and-See Approach: Many exchanges are likely awaiting formal guidance from the European Securities and Markets Authority (ESMA) or national regulators.
- Competitive Pressure: Removing a dominant trading pair like USDT could drive users to competitors still offering it.
- Transition Planning: Platforms may be preparing internal systems for eventual compliance while keeping options open.
Even if USDT becomes restricted under MiCA post-December 2025, transitional arrangements may allow phased adjustments rather than abrupt delistings.
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Frequently Asked Questions (FAQ)
Q: Is Tether (USDT) banned in Europe?
A: No. As of December 2025, Tether’s USDT is not banned. While Coinbase has delisted it for European users, many other exchanges continue to support USDT trading.
Q: Why did Coinbase delist USDT in Europe?
A: Coinbase removed USDT to align with anticipated MiCA regulations. It classifies USDT as a restricted stablecoin under the new framework, though no official EU ruling has declared it non-compliant.
Q: Will USDT be delisted across all European exchanges?
A: Not necessarily. Most major platforms—including Binance, Kraken, and Crypto.com—still offer USDT. Decisions will depend on regulatory clarity and individual exchange policies.
Q: What is MiCA’s deadline for stablecoin compliance?
A: The full MiCA stablecoin regime takes effect on December 30, 2025. Until then, exchanges have time to assess compliance strategies.
Q: Can I still trade USDT in the EU?
A: Yes. Users in the European Economic Area can currently trade USDT on multiple platforms such as Kraken, MEXC, KuCoin, and OKX.
Q: Could Tether become MiCA-compliant in the future?
A: Potentially. If Tether establishes an EU-licensed entity and meets reserve and reporting standards, it could qualify under MiCA rules. No such application has been confirmed yet.
Final Outlook: Compliance vs. Continuity
As the December 30 MiCA deadline approaches, the crypto industry faces a pivotal moment. While regulatory compliance is essential for long-term legitimacy, abrupt changes risk alienating users accustomed to seamless access to major assets like USDT.
For now, continuity prevails. Most European-facing exchanges are maintaining USDT support—either due to confidence in its eventual compliance status or strategic hesitation to act prematurely without clear regulatory direction.
Traders should stay informed through official exchange announcements and monitor developments from ESMA and national financial authorities. The next few weeks may bring greater clarity on which stablecoins will shape Europe’s regulated digital finance future.
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