Source: Cointelegraph Original: "{title}"
Binance has stopped offering spot trading pairs related to Tether (USDT) in the European Economic Area (EEA) to comply with the Markets in Crypto-Assets Regulation (MiCA) requirements.
Cointelegraph has learned that Binance has delisted multiple spot trading pairs of tokens that do not comply with MiCA requirements in the EEA, as disclosed in early March.
Although spot trading pairs for tokens like USDT have been delisted on Binance, EEA users can still hold these affected tokens and trade them through perpetual contracts.
USDT is still available for perpetual contract trading on the Binance platform. Source: Binance
According to a previous announcement from Binance, spot trading pairs for tokens that do not comply with MiCA requirements must be delisted by March 31, which aligns with local regulations requiring such tokens to be delisted by the end of the first quarter of 2025.
Binance is not the only cryptocurrency exchange to delist spot trading pairs of non-MiCA compliant tokens in the EEA.
Other exchanges, such as Kraken, also announced related plans in February and have delisted spot trading pairs including USDT in the EEA.
According to an announcement on Kraken's official website, the exchange restricted USDT to a sell-only mode on March 24. As of now, the platform does not allow EEA users to purchase the affected tokens.
Kraken restricted USDT to sell-only mode in the EEA on March 24. Source: Kraken
In addition to delisting the USDT spot trading pair, Binance has also delisted the following non-MiCA compliant token spot trading pairs: Dai (DAI), First Digital USD (FDUSD), TrueUSD (TUSD), Pax Dollar (USDP), Anchored Euro (AEUR), TerraUSD (UST), TerraClassicUSD (USTC), PAX Gold (PAXG).
Kraken's delisting plan in the EEA involves the following tokens: USDT, PayPal USD (PYUSD), Tether EURt (EURT), TrueUSD (TUSD), TerraClassicUSD (USTC).
The initiatives by Binance and Kraken to continue providing custody services for non-MiCA compliant tokens align with previous statements from MiCA compliance regulators.
On March 5, a spokesperson from the European Securities and Markets Authority (ESMA) told Cointelegraph that providing custody and transfer services for stablecoins that do not comply with MiCA requirements does not violate the new European cryptocurrency laws.
However, the same regulatory body previously suggested that crypto asset service providers in Europe cease all trading involving affected tokens after March 31. This contradictory statement has added to the complexity and confusion surrounding the requirements of the MiCA regulations.
Related: EU regulators require insurance companies to provide 100% coverage for cryptocurrencies due to volatility.
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