OKX to end USDT pairs in EU, yet to list Solana meme coins

March 18, 2024 at 8:40 pm

Edited by Brian Stone

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OKX to end USDT pairs in EU, yet to list Solana meme coins

OKX has decided to discontinue Tether’s USDT trading pairs within the EEA, aligning with the EU’s forthcoming MiCA regulation.

The EU’s Markets in Crypto-Assets (MiCA) regulation introduces several restrictions and obligations, particularly targeting stablecoins and the broader spectrum of crypto-asset service providers.

Although the regulation does not specifically ban Tether (USDT), it imposes strict requirements on stablecoins issuers, particularly those considered significant due to size, user base, or market impact, a reason why market leaders like OKX are removing USDT trading pairs from the platform.

This strategic withdrawal precedes the EU’s expected enforcement of the Markets in Crypto-Assets (MiCA) regulation, which is set to be fully operational by Dec. 30 of this year. OKX customer support revealed this earlier today to several users. However, USDT trading pairs are still visible on the platform.

Furthermore, OKX, recognized as the second largest offshore exchange, has notably refrained from listing any recent Solana-based meme tokens. Given the recent popularity of meme coins like Bonk and Dogwifhat, this has surprised the crypto community.

Let me clarify OKX listing team’s vision is discover valuable and early stage utility tokens for our customers. We don’t accept pitching for listing, we research potential projects from the market and keep to track the performance of the tokens for long time. Our listing… https://t.co/JgRr6JaZJq
— Star (@star_okx) March 18, 2024

Several users have continuously urged the platform to list these popular tokens. However, in a statement today, OKX CEO Star Xu emphasized that the platform will always prioritize tokens with proven utility and potential for early-stage investment. Xu also addressed the community’s efforts to influence listings through social media, stating that such actions would not impact the committee’s decisions and urging halting these practices.

Xu’s response was a surprising strategy from the exchange, given that major competitors, like Binance, were proactive in listing the trending meme coins very early. The latest Solana meme coins, such as BONK and WIF, have rallied over 3,000% since their launches. Not listing them means OKX has opted not to profit from some of the largest trading activities in the current bull market.