Stablecoin giant Tether (USDT) faces restriction in Europe amid regulatory overhaul. OKX, the world’s fourth largest crypto exchange, is halting altcoin trading in the European Economic Area (EEA). This decision is in line with the EU’s adoption of the MiCA regulation, which will be fully implemented on 30 December 2024.
OKX will stop these altcoin pairs in Europe!
MiCA aims to create a comprehensive framework for cryptocurrency transactions. He puts particular emphasis on the governance of stablecoins like USDT. This regulatory step expresses the EU’s commitment to protecting its financial ecosystem while nurturing innovation in the fintech sector. It also marks a significant turn towards tighter regulation of cryptocurrencies. Moreover, it potentially impacts their availability and acceptance in the region.
OKX’s customer support recently confirmed this information. Accordingly, Tether became unavailable for traders in the EEA on March 14. This is despite OKX’s website stating that USDT pairs are available in the EEA until March 15. It also raised questions about whether the stock exchange was ready for the regulatory change. The proactive measures taken by OKX point to a broader industry trend towards compliance with local and international financial regulations. The impact of this strategic adjustment continues to be seen.
Binance users’ assets exceeded $100 billion
Assets held by leading crypto exchange Binance on behalf of its users have exceeded $100 billion. cryptokoin.comAs you follow from, Binance claims to hold all user assets in a 1:1 ratio, as well as additional reserves that it verifies using its proof of reserve (POR) system of 31 supported digital assets. While helpful, many people criticize crypto exchanges for not revealing such transparency measures, audited fiat reserves, customer and company liabilities, and other information to assess a firm’s financial health.
Binance’s last POR snapshot in early March showed that reserves were already approaching this figure. The combination of strong inflows this month followed by rising crypto prices means the milestone has been reached for the first time since Binance began disclosing user holdings in November 2022, the firm said in a blog post on Monday. According to DeFiLlama, the total value locked on Binance’s centralized exchange was approximately $67 billion last year. Now this figure has reached 115 billion dollars. Thus, it almost doubled.
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