Top global crypto exchange Binance is delisting Tether’s USDT and other stablecoins for European customers because the digital assets are not compliant with new regulations in those countries.
In a new announcement, Binance says that beginning March 31st, the platform will delist nine stablecoins for customers in the European Economic Area (EEA) because they are not compliant with the EU’s Markets in Crypto Assets (MiCA) regulations.
Says Binance,
“Following the latest guidance from EU authorities in relation to stablecoins, we are making changes to the availability of non-MiCA compliant stablecoins in the EEA to comply with regulatory requirements. Impacted assets are USDT, FDUSD, TUSD, USDP, DAI, AEUR, UST, USTC and PAXG.”
After March 31st, customers located in European countries will still be able to custody the stablecoins as well as withdraw or deposit them on Binance.
The announcement comes after the European Union’s securities regulator ordered crypto firms in January to delist non-compliant stablecoins by the end of the first quarter of 2025.
MiCA is new EU legislation that establishes rules covering the supervision, consumer protection and environmental safeguards of crypto assets.
The regulatory framework aims to reduce financial crimes, including market manipulation, money laundering and terrorist financing. It also places stablecoin issuers under the European Banking Authority and requires them to hold sufficient liquid reserves.
Circle’s stablecoins designed to be pegged to the US dollar and the euro, USDC and EURC, achieved compliance with the European Union’s laws in July 2024.
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