Revolut, a financial services company, is delisting Tether's USDT for its customers in the European Economic Area and Switzerland. This move is part of the company's compliance with the EU's Markets in Crypto-Assets (MiCA) regulation. According to reports, new USDT purchases have already been blocked, and deposits will be disabled from July 30. Any remaining USDT balances will be automatically converted to fiat on August 31.

 
   The delisting is a result of USDT not obtaining a MiCA authorization, whereas Circle's USDC has. Revolut, which holds a MiCA crypto-asset service provider license, has stated that the move is necessary to comply with the new licensing, reserve-management, and consumer-protection rules for e-money tokens.

 
   This development may have significant implications for the crypto market, with some experts viewing it as a negative trend. The removal of USDT from Revolut's services leaves USDC as the only major stablecoin option for the company's users in the region.

 
   The EU's MiCA regulation aims to provide a harmonized regulatory framework for crypto-assets in the European Union. The regulation sets out rules for the issuance, trading, and custody of crypto-assets, including stablecoins like USDT and USDC. Revolut's decision to delist USDT highlights the importance of compliance with these regulations for crypto-asset service providers operating in the EU.

Revolut Delists USDT

REVOLUT IS ABOUT TO CUT 75 MILLION USERS OFF FROM 
$USDT


USDT PURCHASES ARE ALREADY BLOCKED

DEPOSITS STOP AFTER JULY 30

FULL DELISTING COMES AUGUST 31 UNDER EU MICA RULES

$USDC
 WILL BE THE ONLY MAJOR OPTION LEFT

THIS IS VERY BAD FOR CRYPTO

A significant trend has emerged in the European Union's cryptocurrency market, with the majority of users opting for self-custody wallets over regulated platforms. This development comes despite the EU's implementation of the Markets in Crypto-Assets (MiCA) regulation, which aimed to bring the crypto industry under stricter control. 

 According to Binance CEO Richard Teng, 70% of EU crypto withdrawals are now being transferred to self-custody wallets, indicating a clear preference for autonomy and privacy among users. This shift is seen as a response to the stringent regulations imposed by MiCA, which includes restrictions such as banning cash transactions above €10,000 and tracking Bitcoin transactions above €1,000. 

 The EU's regulatory efforts have also led to the delisting of privacy coins and the elimination of 90% of crypto firms. However, instead of achieving the desired outcome of a more controlled and transparent market, the regulations seem to have driven users towards self-custody solutions. 

 This has not been independently confirmed, but if true, it suggests that the EU's regulatory approach may be having the opposite effect of what was intended. By pushing users towards self-custody wallets, the regulations may be reducing visibility and control over the crypto market, rather than increasing it. 

 The situation highlights the challenges of regulating a decentralized and privacy-focused industry like cryptocurrency, where users can easily move their assets beyond the reach of authorities.

EU Crypto Users Flee

BREAKING:

70% of EU crypto withdrawals are now going to self-custody wallets.

Not to MiCA-regulated platforms.

Binance CEO Richard Teng confirmed it.

The EU built the most comprehensive crypto regulation in the world.
And users responded by leaving the regulated system entirely.

This is the outcome Brussels didn't model.

MiCA was designed to bring crypto under control.
Instead it pushed 70% of capital into wallets no regulator can touch.

Cash banned above €10,000.
Bitcoin tracked above €1,000.
Privacy coins delisted.
90% of crypto firms eliminated.

The EU squeezed harder.
The users squeezed out.
Into self-custody. Beyond reach.

You cannot regulate what you cannot see.
And 70% of EU crypto users just made themselves invisible.

The harder Europe grips.
The faster the capital slips through its fingers.

MiCA didn't bring order to crypto.

It accelerated the exit from the system it was trying to control.