Binance is taking a major step to comply with the European Union's Markets in Crypto-Assets (MiCA) regulations by delisting all non compliant stablecoin trading pairs for users in the European Economic Area (EEA).
The move, set to take effect on March 31, will impact nine stablecoins —Tether (USDT), First Digital USD (FDUSD), TrueUSD (TUSD), Pax Dollar (USDP), Dai (DAI), Anchored Euro (AEUR), TerraUSD (UST), TerraClassicUSD (USTC) and Paxos Gold (PAXG) — Binance said Monday.
The decision follows the European Union's recent regulatory guidance aimed at enforcing MiCA's stablecoin rules, which require issuers to meet strict compliance standards. While Binance's EEA users will no longer be able to trade non-MiCA stablecoins, they can still deposit, withdraw and convert them via Binance Convert. Custody of non-MiCA stablecoins will also remain available, Binance said.
MiCA-compliant stablecoin pairs, such as Circle's USD Coin (USDC) and Eurite Euro Token (EURI), along with fiat pairs (EUR), will remain available and unaffected, Binance said. The exchange has encouraged EEA users to convert their non-compliant stablecoin holdings to USDC, EURI or EUR at their earliest convenience.
Binance isn't the only exchange that is making changes for MiCA. Coinbase, Kraken, Crypto.com and other platforms have also announced plans to delist non-compliant stablecoins for European users to adhere to MiCA regulations.
The MiCA regulations, which came into full effect on Dec. 30, 2024, aim to create a comprehensive legal framework for crypto-assets within the European Union, enhancing consumer protection and market integrity — but MiCA's full implementation is still underway. "Although MiCA has been fully applicable since 30 December 2024, the process of finalizing Level 2 and Level 3 measures (e.g. delegated and implementing acts, as well as guidelines, setting out in more granularity how the obligations laid down in MiCA are to be complied with) is ongoing," law firm Hogan Lovells said last month.
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