Connect with us

Hi, what are you looking for?

Binance
Binance
#image_title

Cryptocurrency

Binance will remove non-MiCA-compliant stablecoins from Europe by March 31

Binance plans to delist nine stablecoins—including USDT and DAI—along the European Economic Area (EEA) by March 31 in compliance with European Union MiCA regulations. Users will be able to convert and remove their holdings even if trade for these stablecoins is disabled, therefore guaranteeing a seamless shift to MiCA-compliant substitutes.

Binance has announced a major regulatory move with its Binance stablecoin removal in Europe, eliminating non-compliant assets under the Markets in Crypto-Assets Regulation (MiCA). This decision aligns with the European Union’s push for stricter oversight on digital assets and stablecoins.

Changing what?

Binance will delete trading pairings containing nine non-MiCA-compliant stablecoins as part of this change: Tether (USDT), Dai (DAI), TrueUSD (TUSD), First Digital USD (FDUSD), Pax Dollar (USDP), Anchored Euro (AEur), TerraUSD (USTR), TerraClassicUSD (USTC), and PAX Gold (PAXG). March 31 will see this change implemented, which will affect EEA Binance users.

This implies what for users?

Binance users in the EEA will still be able to keep, deposit, and withdraw affected stablecoins, even if they are not accessible for trading. Users of Binance’s Convert tool will also be able to swap non-compliant stablecoins for MiCA-approved substitutes such as USD Coin (USDC), Eurite (EURI), or fiat money like the euro.

To keep using the complete range of services of the platform, a Binance representative advised consumers to switch to MiCA-compliant stablecoins immediately. However, you cannot use non-compliant stablecoins for anything other than conversion and withdrawals.

Why is Binance doing this?

MiCA rules seek to create a shared European Union regulatory framework for digital assets. Binance is setting itself up to function within the legal framework of the EU by guaranteeing compliance with MiCA and avoiding possible fines or restrictions. The European Securities and Markets Authority (ESMA) emphasizes the need for complete compliance by March 2025, marking a larger sector transformation.

Looking Forward

Other exchanges functioning in Europe might learn from Binance’s MiCA compliance. Although for certain customers this action might first cause disturbance to trade, eventually it is meant to provide the bitcoin market in the area more security, transparency, and stability.

Binance is aggressively seeking a MiCA license as the legal environment changes to guarantee its long-term viability to run inside the EU. Users in the EEA should act as required to move their holdings to MiCA-compliant assets before the March 31 deadline.

author avatar
CryptoCorn
CryptoCorn is Editor and Author at 4C Media Co. and covers all stories and news related to Crypto & Finance. Excellent blogger and Passionate Crypto Trader. Follow her on twitter at @cryptocorn7.
Advertisement

You May Also Like

Cryptocurrency

Amid the financial pressure on many companies to examine Bitcoin, it is estimated that a quarter of the S&P companies will have Bitcoin in...

Uncategorized

Industry experts note that stablecoin regulations and banking access should take priority over cryptocurrency tax reforms in the U.S. Clear laws can encourage mainstream...

Cryptocurrency

Decentralized finance has transformed our trading, borrowing, and lending. These services are now available to users directly, without middlemen. The popularity of DeFi is...

Cryptocurrency

Binance has added a new feature that lets users trade directly from CEX to DEX without having to bridge assets or move funds by...

polkadot
Polkadot (DOT) $ 4.04 1.09%
bitcoin
Bitcoin (BTC) $ 82,508.11 2.58%
ethereum
Ethereum (ETH) $ 1,803.63 3.20%
cardano
Cardano (ADA) $ 0.647153 3.55%
xrp
XRP (XRP) $ 2.06 2.02%
stellar
Stellar (XLM) $ 0.258727 3.16%
litecoin
Litecoin (LTC) $ 82.83 2.89%