- Binance is set to delist stablecoins that are not compliant with MiCA regulations in the EEA region.
- Tether’s USDT, DAI, UST, and USTC are a few among other stablecoins that Binance is going to delist.
Leading crypto exchange Binance announced earlier today that it is going to delist several stablecoins. The major reason behind this update is the MiCA crypto regulation policy. Being the top crypto exchange by trading volume, this act will have a significant impact on the adoption of these stablecoins.
As per the official announcement, Binance is delisting USDT, FDUSD, DAI, UST, USTC, TUSD, USDP, AEUR, and PAXG. These stablecoins are non-compliant with the Markets in Crypto Assets (MiCA) regulation in the EEA region. Thus, Binance will delist these stablecoins, particularly in the EEA (European Economic Area) region.
USDC and EURI are the two stablecoins are in compliance with the MiCA regulation. Hence, Binance is recommending EEA users to convert their non-compliant crypto assets into USDC and EURI. Users from other parts of the world can continue to hold, withdraw, and deposit non-MiCA compliant stablecoins.
Binance Halts Offering Non-MiCA Compliant Stablecoins From March 31
Binance will continue offering the aforementioned stablecoins till March 32 this year. EEA users can access spot trading pairs involving these tokens till this month. However, from March 31 onwards, Binance will stop offering non-MiCA compliant stablecoins to EEA users.
Furthermore, the exchange listed out multiple ways through which EEA users can transact these stablecoins into MiCA-compliant stablecoins. Zero Fee promotion and Taker Fee Promotion are two of Binance’s features which are helpful when it comes to transitioning users’ stablecoins.
Being the top crypto exchange, it is essential for Binance to stay compliant with the regulations across various countries. And, the platform is also abiding by these rules ensuring they offer the most compliant services to users.
Even though the MiCA rules became effective on Dec 30, 2024, finalizing level 2 and level 3 measures are still ongoing, as per law firm Hogan Lovells.
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