EU Users in Shock: OKX Exchange Drops Tether's USDT - What now?

[lory]

As I understand it, USDT/Tether must either obtain a license as an electronic money institute or it will be removed from all exchanges in the future. What does it mean if one currently has, let's say, 300,000 EURO in USDT - could one risk not being able to exchange them for another crypto in the near future?

Or is it just like with XMR/Monero, which can no longer be exchanged on the major exchanges but can still be exchanged on, for example, Instant Cryptocurrency Exchange | Best Rates & Lowest Fees | ChangeNOW

https://www.coindesk.com/markets/20...delisted-on-crypto-exchange-okx-for-eu-users/

 

[JackAlabama]

As I understand it, USDT/Tether must either obtain a license as an electronic money institute or it will be removed from all exchanges in the future. What does it mean if one currently has, let's say, 300,000 EURO in USDT - could one risk not being able to exchange them for another crypto in the near future?

Or is it just like with XMR/Monero, which can no longer be exchanged on the major exchanges but can still be exchanged on, for example, Instant Cryptocurrency Exchange | Best Rates & Lowest Fees | ChangeNOW

https://www.coindesk.com/markets/20...delisted-on-crypto-exchange-okx-for-eu-users/

the problem lies in eu. move your finanical life and yourself out.

They broadcast their plans for us openly.
Digital id, social credit score, open asset register for 200k and up. In the end once the lobsters are immobile enough, they will go in for the literal kill.

id say if one works in emerging tech like crypto or ai, the eu is the worst place to be imo.

 

[lory]

Yeah it looks like you are right. I have a very bad feeling about all of it and I feel utterly cornered. It's an egregious violation of freedom, what's happening in the EU - and the word "Lobster" is just the right word to use.

That being said, what happens next? Are we stuck with our USDT if we don't exchange them in good time, or is there no reason to be worried about this?

 

[JackAlabama]

Yeah it looks like you are right. I have a very bad feeling about all of it and I feel utterly cornered. It's an egregious violation of freedom, what's happening in the EU - and the word "Lobster" is just the right word to use.

That being said, what happens next? Are we stuck with our USDT if we don't exchange them in good time, or is there no reason to be worried about this?

hmm hard to say.
The beauty is the mobility it promises but that mainly applies to bitcoin and not to any other coin including usdt because they are centralized.
Usdt openly adhere to confiscation requests mainly coming out of the us and a and Id assume the eu will want to do the same especially regarding capital flight (but we are not there yet).

So i dont think youre stuck, but likely must move to exchange it elsewhere or use a p2p operation.
Id could see further the eu will want to confiscate usdt balances (id say we are not there yet but i wouldnt rule it out). Bitcoin will solve that issue.
Alternatively is a residency outside the eu.

 

[JohnLocke]

Right now, I think we just need to keep up with everything happening in the world and all that the EU and governments come up with to seize people's assets for the state's benefit. USDT will probably be exchangeable far into the future.

However, I take note of what @JackAlabama says, that USDT can be seized by the American authorities at any time as it stands. So, if the EU manages to implement the same, you definitely shouldn't have your USDT in an EU country. The question is whether they're safe in the UK and CH - I don't know, but it's a good question.

 

[Rotor]

hmm hard to say.
The beauty is the mobility it promises but that mainly applies to bitcoin and not to any other coin including usdt because they are centralized.
Usdt openly adhere to confiscation requests mainly coming out of the us and a and Id assume the eu will want to do the same especially regarding capital flight (but we are not there yet).

So i dont think youre stuck, but likely must move to exchange it elsewhere or use a p2p operation.
Id could see further the eu will want to confiscate usdt balances (id say we are not there yet but i wouldnt rule it out). Bitcoin will solve that issue.
Alternatively is a residency outside the eu.

Yes. Centralized exchanges are becoming more and more the weak links, way too susceptible to shakedowns of any kinds. If you hang around too long in any of these centralized entities, at one point you will get caught with your pants down one way or another.

Going forward it's all about Web3, DEFI, DEXs, DAOs, decentralized algorithmic stablecoins and so on.

 

[Martin Everson]

Wait for it.........get out of the EU while you still can .

Only two things will happen living in EU going forward:

1. You will end up paying for all the EU zone debt
2. You will end up drafted and cannon fodder in a war with Russia

 

[Don]

Wait for it.........get out of the EU while you still can .

Only two things will happen living in EU going forward:

1. You will end up paying for all the EU zone debt
2. You will end up drafted and cannon fodder in a war with Russia

Ok, debt, I can get it, but cannon fodder in a war with Russia? I guess if you stay in a non-NATO country, this is not applicable (e.g., in EU: Austria, Cyprus, Ireland, and Malta). Cyprus is like a tiny Russia; I don't see them going against the big one.

Ironically, Austrias citizenship by investment is regarded as the most attractive CBI program.

Do you think the USA will also start paying their debt sometime?

 

[jafo]

he problem lies in eu. move your finanical life and yourself out.

They broadcast their plans for us openly.
Digital id, social credit score, open asset register for 200k and up. In the end once the lobsters are immobile enough, they will go in for the literal kill.

id say if one works in emerging tech like crypto or ai, the eu is the worst place to be imo.

You are 100% correct on this!
In 2019, a Chinese guy I met (the husband of a supplier) told me that this whole "social credit score" being touted in the EU and US is to enslave us because they do NOT have such things. The Chinese guy studied in the US and in the UE. I suspect he works for the CCP. He told me that "everything they (the UE) conjure up about us, China, is to massage it into you. To make you numb to it." NGL, it really pissed me off, but I've learned that when things piss me off, I need to really evaluate my positions to make sure I am NOT the problem.

Recently, I saw this, and it reminds me precisely of what you described:

https://twitter.com/x/status/1708514850148958644

But where to? I really like Monaco and Zug...

Where am I going to go?

Yeah it looks like you are right. I have a very bad feeling about all of it and I feel utterly cornered. It's an egregious violation of freedom, what's happening in the EU - and the word "Lobster" is just the right word to use.

That being said, what happens next? Are we stuck with our USDT if we don't exchange them in good time, or is there no reason to be worried about this?

Buy products (check on Alibaba and others) with it.
Sell the products for fiat currency.
Pay taxes on the profit.

 

[wellington]

As I understand it, USDT/Tether must either obtain a license as an electronic money institute or it will be removed from all exchanges in the future. What does it mean if one currently has, let's say, 300,000 EURO in USDT - could one risk not being able to exchange them for another crypto in the near future?

Or is it just like with XMR/Monero, which can no longer be exchanged on the major exchanges but can still be exchanged on, for example, Instant Cryptocurrency Exchange | Best Rates & Lowest Fees | ChangeNOW

https://www.coindesk.com/markets/20...delisted-on-crypto-exchange-okx-for-eu-users/

Would only impact domestic exchange transactions.

DeFi etc will continue until the Treasury/DOJ indicts and then i'd imagine you'd have to put a claim in.

1. You will end up paying for all the EU zone debt
2. You will end up drafted and cannon fodder in a war with Russia

True.

 

[Martin Everson]

Ok we hijacked @lory thread....lol. Let me bring it back on track

When it comes to Tether (USDT) maybe they will decide to register as an EMI in EU at some point. However for most people they should do as much as possible to decouple from EU and keep your options in life open. If your a retail investor living in EU you will only have a narrow shop window of investments to choose from as the EU considers you too stupid to understand the risks like how they prevent US ETF's etc without EU PRIIP paperwork for retail clients.

This will all only get worse in EU going forward as the crypto world evolves you may not even have access to new crypto products unless they register in EU. And even if you somehow are able to access them offshore it may be considered illegal to do so as a retail client in EU . Maybe the day will come when you start seeing "Not Available to US and EU residents" on websites....lol

 

[wellington]

Ok we hijacked @lory thread....lol. Let me bring it back on track

When it comes to Tether (USDT) maybe they will decide to register as an EMI in EU at some point. However for most people they should do as much as possible to decouple from EU and keep your options in life open. If your a retail investor living in EU you will only have a narrow shop window of investments to choose from as the EU considers you too stupid to understand the risks like how they prevent US ETF's etc without EU PRIIP paperwork for retail clients.

This will all only get worse in EU going forward as the crypto world evolves you may not even have access to new crypto products unless they register in EU. And even if you somehow are able to access them offshore it may be considered illegal to do so as a retail client in EU . Maybe the day will come when you start seeing "Not Available to US and EU residents" on websites....lol

In the UK British citizens can invest in what they like - free to do with their funds as they like.

Is it not the same in the EU?

I know in the US everything has to run through the SEC

 

[JohnLocke]

You can freely invest in the EU, but the fact that they now believe they can seize USDT wallets means I'm out of that camp. Not because I live in an EU country, but I'm close enough, so I'd rather find a different playground.

 

[TheCryptoAnt]

Give them a POA outside of the EU .

Wanna play? Lets go

 

[Martin Everson]

Is it not the same in the EU?

What can be sold to retail investors in EU is restricted by EU regulations in terms of PRIIPs.

We had the discussion in another thread a while ago as to why a user could not see all the US ETF's he wanted to in IBKR. IBKR had removed them because of EU PRIIPS regulations. It applies to UK also post brexit as it was implemented before brexit.

https://www.ibkrguides.com/kb/article-3324.htm

 

[Raul78]

OKX is still ative, you can use USDC instead USDT on platform, you can deposit/withdraw freely

 

[hlepic211]

OKX is still ative, you can use USDC instead USDT on platform, you can deposit/withdraw freely

Most of the trading pairs with volume are vs /USDT

Easily solved by providing non-EU residence proof.

 

[Raul78]

Most of the trading pairs with volume are vs /USDT

Easily solved by providing non-EU residence proof.

yes, VPN or non-EU residence proof or just create a account is other exchange ( Binance or Kucoin example ), OKX Europe was quite limited (No Futures, no P2P, no loans)

 

[JohnLocke]

Maybe the day will come when you start seeing "Not Available to US and EU residents" on websites....lol

I fear you are right and it won't be long before we see something similar very soon on the various cryptocurrency exchanges.

 

[jafo]

I fear you are right and it won't be long before we see something similar very soon on the various cryptocurrency exchanges.

I hope so! I'm glad CH and Monaco are NOT part of the EU. These are the others, just in case anyone wasn't keeping track:

1. Albania
2. Andorra
3. Belarus
4. Bosnia and Herzegovina
5. Kosovo
6. Liechtenstein
7. Monaco
8. Montenegro
9. North Macedonia
10. Norway
11. Russia
12. San Marino
13. Serbia
14. Switzerland
15. Ukraine
16. United Kingdom (UK)

I blacked out #15 so people don't get confused.

The countries highlighted in yellow, I would personally consider.