Binance Delisting Alert: What Does It Mean for European Crypto Traders?
By removing all noncompliant stablecoin trading pairs from its list of users in the European Economic Area (EEA), Binance is making a significant move to conform to the Markets in Crypto-Assets (MiCA) laws of the European Union. The move, which will take effect on March 31, will affect the following nine stablecoins, Binance said on Monday:
- Tether (USDT)
- First Digital USD (FDUSD)
- TrueUSD (TUSD)
- Pax Dollar (USDP)
- Dai (DAI)
- Anchored Euro (AEUR)
- TerraUSD (UST)
- TerraClassicUSD (USTC)
- Paxos Gold (PAXG)
Binance Adapts to EU Crypto Laws: What Happens to Your Stablecoin Holdings?
The ruling comes after the European Union issued new regulatory advice to enforce MiCA’s stablecoin regulations, which demand that issuers adhere to stringent compliance requirements. Although non-MiCA stablecoins can no longer be traded by Binance’s EEA users, they can still deposit, withdraw, and convert them via Binance Convert. According to Binance, custody of non-MiCA stablecoins will also continue to be accessible.
According to Binance, fiat pairs (EUR) and stablecoin pairs that comply with MiCA, such as Circle’s USD Coin (USDC) and Eurite Euro Token (EURI), will continue to be accessible and unaffected. EEA consumers have been urged by the exchange to quickly convert their non-compliant stablecoin holdings to USDC, EURI, or EUR.
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