Exchange Binance to Remove Non-Compliant MiCA Stablecoins like USDT from Listings
Heyy there! Binance, the popular cryptocurrency exchange, is shaking things up in the European Economic Area (EEA) by dropping support for nine stablecoins due to regulatory requirements from the Markets in Crypto Assets (MiCA) regulation.
Here's the lowdown on what's happening by March 31:
- The following stablecoins will be delisted from spot trading: USDT, DAI, TUSD, USDP, FDUSD, AEUR, UST, USTC, and PAXG.
- However, deposits, storage, withdrawals, and conversions will still be available for these tokens. But, users will be unable to use them for any other platform services.
The Binance peeps recommend that EEA users convert their non-compliant stablecoins into MiCA-compliant alternatives like USDC or EURI, or withdraw them to fiat.
This move comes after a recommendation from the European Securities and Markets Authority (ESMA). In January, ESMA stated that crypto assets not compliant with MiCA must be removed from the market by March 31.
As of February, ten companies had received approval to issue stablecoins in the EEA, including Circle, Crypto.com, and Societe Generale.
If you find yourself stuck with a non-compliant stablecoin, fear not! There are alternatives like USDC, EURR, and USDR that comply with MiCA and offer a way to keep using stablecoins in the EEA.
Here's a quick comparison:
| Stablecoin | Features ||------------|---------|| USDC | Fully compliant with MiCA, widely supported by major exchanges. || EURR | Tether-backed, MiCA-compliant, focused on Euro-denominated transactions. || USDR | Tether-backed, MiCA-compliant, focused on USD-denominated transactions. |
Those delisted stablecoins, such as Tether's USDT, are getting the boot from regulated platforms in the EEA due to non-compliance with MiCA. But don't worry! Stayin' compliant is the name of the game, and there are MiCA-friendly alternatives out there! 😉
- The industry-wide shift in the European Economic Area (EEA) due to regulatory requirements from the Markets in Crypto Assets (MiCA) regulation has led Binance to drop support for nine stablecoins, including USDT, USDC, and UST.
- In an attempt to stay compliant with MiCA, Binance recommends that EEA users convert their non-compliant stablecoins, such as Tether's USDT, into MiCA-compliant alternatives like USDC or EURI, or withdraw them to fiat, thus ensuring continued engagement in the finance sector within the EEA.
