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BITDENEX Europe: Delisting USDT stablecoin, MiCAR, and the Travel Rule

Nxtgen Virtue , , ,

The upcoming MiCA regulations, including the Travel Rule, will affect certain aspects of your crypto transactions on Bitdenex.

The Travel Rule

As a crypto service provider operating within the European Union, Bitdenex is required to implement the Travel Rule. This regulation will take effect at the beginning of 2025 and applies to crypto transactions. Here’s what you need to know:

How Will This Affect My Crypto Transactions?

  1. Transactions to or from Self-Hosted Wallets
    • For crypto transactions over €1000, we need to verify the ownership of your crypto wallet address.
    • Bitdenex already offers the Whitelisting option to verify your wallets. This means the withdrawal process will remain the same, and you can request withdrawals as usual.
  2. Transactions to or from Other Exchanges
    • When necessary, we will request additional information about the exchange involved in the transaction.
  3. Crypto Deposits and Withdrawals
    • Additional steps or information may be required for certain deposits and withdrawals. However, your ability to trade crypto on Bitdenex remains unaffected.

MiCAR & Stablecoin USDT Delisting

The new Markets in Crypto-Assets (MiCA) regulation will come into effect across the European Union and introduce specific rules for stablecoins. Here’s how this will impact Bitdenex Europe and the stablecoin market:

  1. Regulation Overview
    • Since June 30, 2024 (UTC+3), stablecoins are regulated under MiCA.
    • Existing stablecoins, such as Tether’s USDT, are not yet regulated and therefore face restrictions.
  2. USDT Delisting
    • Bitdenex Europe will delist Tether’s USDT and other non-compliant stablecoins by December 30, 2024.
    • This decision aligns with MiCA’s requirement for stablecoin issuers to obtain an e-money license within the EU. Tether has not yet secured this license, prompting the delisting.
  3. Conversion Options
    • Bitdenex will provide options for users to convert their USDT holdings into compliant regulated stablecoins like Circle’s USDC or directly into EUR.
    • Any remaining USDT in your account will be automatically converted into USDC by December 31, 2024, if not converted by you beforehand.

Bitdenex International & Other Regions

It’s important to note that these regulations apply only to EU member states and their citizens. Bitdenex International, Bitdenex Suriname, and other upcoming regions are not subject to MiCA regulations and will continue to support USDT as a base currency.

Want to Keep Trading USDT?

  • Open a Bitdenex International Account with USDT as a base currency.
  • Easily link your EU account with a Bitdenex International account by following the “Switch Account” steps in your Bitdenex dashboard.

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