At zondacrypto, we are committed to operating transparently and in compliance with regulations every day. As such, we are taking the decision to delist USDT, which is the one that has not yet achieved official compliance with the MiCA (Markets in Crypto-Assets Regulation). The part of the regulation applicable to stablecoins has already entered into force on 30 June 2024, and the transition period for the implementation of these regulations, expires on 30 December 2024.

At the same time, we offer users a very attractive alternative - USDC. Moreover, in the ZND Earn service, we offer a USDC subscription with an annual APR of even more than 20%.

The EU's MICA regulation obliges all entities operating in the European Economic Area (EEA) to implement the rules that such regulation entails. For digital asset providers, this means, among other things, that they have to adapt the catalogue of cryptoassets they offer to projects that meet the requirements of the MiCA Regulation. Consequently, we need to assess which projects previously offered on the exchange will meet the standards required by such legislation. This is primarily to safeguard the interests of clients and the continued operation of our exchange.

We therefore present below information which, in our opinion, presents friendly solutions and possible alternatives so that you can take full advantage of all the functionalities offered by our exchange.

 

What obligations does the MiCA impose on us?

We are a fully regulated exchange. This means that we are subject to a number of generally applicable regulations in our operations, including, among others, the guidelines of the EU MiCA Regulation. This ensures that your cryptocurrency trading activities are 100% legal and that you do not have to worry about the legal background of your exchange operations, as it has been designed to meet the highest compliance (regulatory) standards.

This also means that, for reasons beyond our control, we have to make the decision to delist stablecoin Tether (USDT). Our assessment is that there is uncertainty as to whether this project will meet the requirements imposed by the MiCA within the timeframe adopted by the act.

 

What does this mean for you? 

We have meticulously prepared the USDT stablecoin delisting process on the zondacrypto and ZND platforms in such a way that you will have time to prepare for it. We point out in advance that at no stage do you have to worry about the risk of losing your funds as part of the process.

The USDT delisting process will be as follows:

• Until 29.12.2024, you will be free to exchange USDT for any other digital currency we offer.

• At the same time, from 12.12.2024 we will disable the possibility to make deposits in USDT currency, which means that you will not be able to deposit USDT on our exchange. At this time, the ability to accrue and receive rewards from the Affiliate Programme in USDT (if you are currently a Participant) will also be disabled. However, the ability to accrue rewards in the other numerous digital assets offered on our exchange will still remain. Any USDT rewards accrued up to this date, however, will be paid to the Programme Participant's account, in accordance with the existing rules. 

• As of 29.12.2024, we are shutting down the markets for USDT, and consequently from this date it will not be possible to exchange USDT for other digital currencies on our exchange. 

• However, if USDT funds remain in your account after this date, on 30.12.2024 they will be automatically exchanged for USDC at a ratio of 1:1 free of charge. 

At the same time, we would like to give you an idea of what USDC is:

 

Learn about stablecoin declaring MiCA compliance

USDC (USD Coin) is a stablecoin that can perform an identical function to USDT. Like it, it reflects the value of the FIAT currency, the US dollar (USD), at a ratio of 1:1. It is also asset-backed at a ratio of 1:1, which protects its value from price fluctuations. Its functions for users are the same as those of USDT, meaning that it can be a means of storing value in cryptocurrencies or a currency against which to exchange for other assets. The fundamental difference, on the other hand, is that it meets the requirements of the MiCA regulation, and therefore this asset can be listed on MICA-regulated exchanges.

You can find out more about the project on its website:  https://www.circle.com/legal/mica-usdc-whitepaper

 

How can you exchange your USDT for USDC yourself?

With our clients' best interests at heart, we have expanded our offering by launching new, additional markets for USDCs and enabling seamless exchanges for these stablecoins. In total, we currently have over 30 markets paired to USDC, covering both fiat and the most popular cryptocurrencies, including ZND/USDC, BTC/USDC, USDC/PLN and USDC/USD.

We have also launched a new USDT/USDC pair, which allows you to exchange your USDT assets for a new stablecoin yourself. Here are simple instructions on how to do it:

1. Search on zondacrypto for a market - in this case the USDT/USDC pair under the ‘All’ tab, type USDC into the search engine and click on the cryptocurrency logo. 

2. Next, select the option to ‘make an offer’ to buy USDC by clicking the ‘buy’ button, now enter the current USDT exchange rate in the ‘USDT exchange rate’ field, then in the ‘USDC quantity’ field fill in the amount of USDC you want to buy with your USDT - this will approximate the USDT you currently hold. Below you will see the amount of USDC you will receive after the transaction. Then execute the transaction. 

In this way, you have successfully exchanged your USDT to USDC!

USDT and the Earn service of the ZND platform

We are committed to making the transition to using the new stablecoin as smooth and convenient as possible for you. We have prepared an interesting offer in the Earn service on the ZND Platform, both for new users and those who have subscribed to USDT so far. Below you will find sample annualised returns (APRs):

Feel free to explore the above offer yourself directly on the ZND Platform.

 

Will USDT return to zondacrypto in the future? 

We do not rule out the possibility of re-listing USDT in the future in the event that this project meets the regulatory requirements imposed by the MiCA Regulation and other regulations that may arise by then. In this regard, we invite you to keep an active eye on our platform and social media.

We are committed to providing you with a secure trading environment within zondacrypto, operating in full compliance with current regulations, and this is what we are guided by - the care about our users.