Binance plans to impose restrictions on the availability of stablecoins in the European Union (EU) that are deemed unregulated under the EUs new Markets in Crypto-Assets Regulation (MiCA).
The decision precedes the European Unions (EU) adoption of the Markets in Crypto-Assets (MiCA) regulation, set to fully come into effect on December 30, 2024. MiCA will introduce tighter controls on the usage of certain stablecoins within the region.
In a statement, Binance noted that the MiCA rules for stablecoins will take effect at the end of June. This will be a first step entering the new regulatory framework and it will have a significant impact on the stablecoin market in the European Economic Area, the statement read.
As stablecoins become regulated in Europe, only tokens issued by regulated companies will be available to the public, Binance said. The company added, Several existing stablecoins may not fall into this category and will therefore be subject to certain restrictions.
Nevertheless, Binance did not clarify which stablecoins fall into the unregulated category.
To comply with the new regulations, Binance has outlined a phased approach in its statement. This includes allowing users to convert holdings in unauthorized stablecoins to other digital assets like bitcoin and ether, regulated stablecoins, or fiat currency. As of June 30, purchasing unauthorized stablecoins in Europe will no longer be possible.
Since the sentencing of former Binance CEO Changpeng Zhao to four months in prison in April, the companys new leader, Richard Teng, has been making efforts to show that Binance is committed to collaborating with regulators.
Rival exchange Kraken also announced in May that it is actively reviewing whether to delist the stablecoin Tether (USDT) from its European platform.
Marcus Hughes, Krakens Global Head of Regulatory Strategy, told Bloomberg that the exchange is preparing for various scenarios, including discontinuing support for certain tokens such asUSDT. Its something were actively reviewing, Hughes said, noting that a final decision will be made once the regulatory position becomes clearer.
Krakens consideration follows the actions of another major crypto exchange, OKX, which removed Tether trading pairs in Europe in March due to impending stablecoin regulations. AnOKX spokespersonexplained that the delisting will enable the exchange to introduce euro on-ramps for EEA-based customers. He added that this adjustment impacts only a minor portion of the exchanges user base.
MiCA mandates that stablecoins issued in Europe must meet heightened regulatory requirements. The implementation of MiCA will occur in phases, with certain applications set for mid-2024 and additional rules to be enforced by December 2024.
Tether holds a major portion of the market, with $116.76 billion worth, representing 69.6% of the total $167.78 billionUSD-pegged stablecoin supply.
Link:
Binance may ban Tether and other stablecoins in Europe - FinanceFeeds
- Binance Research Reviews February Crypto Trends: Arbitrum, Blur ... - BSC NEWS [Last Updated On: March 16th, 2023] [Originally Added On: March 16th, 2023]
- Ethereum's Liquity (LQTY) up 40% as Binance's Multimillion Holdings Unveiled - U.Today [Last Updated On: March 16th, 2023] [Originally Added On: March 16th, 2023]
- Crypto Wallets Tied to FTX Abruptly Move Over $102,000,000 To Binance, Coinbase and Kraken - The Daily Hodl [Last Updated On: March 16th, 2023] [Originally Added On: March 16th, 2023]
- Binance Coin, Polygon and Big Eyes Coin - Three Long-Term ... - NewsWatch [Last Updated On: March 16th, 2023] [Originally Added On: March 16th, 2023]
- Learn CryptoTax 101 with Binance Australia - Business News Australia [Last Updated On: March 16th, 2023] [Originally Added On: March 16th, 2023]
- Binance vs. Coinbase: Which crypto exchange is right for you? - Yahoo Finance [Last Updated On: March 16th, 2023] [Originally Added On: March 16th, 2023]
- Binance Will Convert $1B Worth of BUSD Stablecoin to Bitcoin, Ether, BNB and Other Tokens - CoinDesk [Last Updated On: March 16th, 2023] [Originally Added On: March 16th, 2023]
- Binance Halts GBP Deposits and Withdrawals - Crypto Briefing [Last Updated On: March 16th, 2023] [Originally Added On: March 16th, 2023]
- Binance-Voyager deal to proceed without holdings, NY judge rules - Cointelegraph [Last Updated On: March 16th, 2023] [Originally Added On: March 16th, 2023]
- Bitcoin price flash spikes to $50K on Binance after USD Coin peg snaps - Cointelegraph [Last Updated On: March 16th, 2023] [Originally Added On: March 16th, 2023]
- Binance CEO announces recovery funds conversion from BUSD to native crypto - Cointelegraph [Last Updated On: March 16th, 2023] [Originally Added On: March 16th, 2023]
- Helium's HNT Crypto Token Slides to 2-Month Low After Binance.US Delisting Announcement - CoinDesk [Last Updated On: March 16th, 2023] [Originally Added On: March 16th, 2023]
- Binance Announces to Back ETH 2.0 Staking Withdrawals after the ... - Blockchain Reporter [Last Updated On: March 20th, 2023] [Originally Added On: March 20th, 2023]
- Binance Unveils Game-Changing Product Updates Across Its ... - Blockchain Reporter [Last Updated On: March 20th, 2023] [Originally Added On: March 20th, 2023]
- Bitcoin Surges as Bank Client Rescue Eases Contagion Fears, Fuels Hopes for Fed Dovishness; Binance's $1B Conversion Helps, Too - CoinDesk [Last Updated On: March 20th, 2023] [Originally Added On: March 20th, 2023]
- SEC v. Ripple: John Deaton says Hinman documents will be made public and support defense for Coinbase, Binance - FXStreet [Last Updated On: March 20th, 2023] [Originally Added On: March 20th, 2023]
- Traders Union Experts Published Their Binance Coin Price Prediction For 2030 - mid-day.com [Last Updated On: March 20th, 2023] [Originally Added On: March 20th, 2023]
- Space ID to Launch ID Token on Binance Launchpad - BSC NEWS [Last Updated On: March 20th, 2023] [Originally Added On: March 20th, 2023]
- Whale moves $33 million worth of Ethereum to Binance in one go: What this means for ETH - FXStreet [Last Updated On: March 20th, 2023] [Originally Added On: March 20th, 2023]
- More People Are Downloading Crypto Apps Like Coinbase, Binance, Heres Why - NewsBTC [Last Updated On: March 20th, 2023] [Originally Added On: March 20th, 2023]
- Binance removes BUSD from its $1 billion SAFU Fund, swaps it with USDT and TUSD - FXStreet [Last Updated On: March 20th, 2023] [Originally Added On: March 20th, 2023]
- Binance CEO CZ Ridicules Troubled US Financial Institutions By ... - Investing.com [Last Updated On: March 20th, 2023] [Originally Added On: March 20th, 2023]
- Binance removes BUSD from SAFU fund adds TUSD, USDT - CryptoSlate [Last Updated On: March 20th, 2023] [Originally Added On: March 20th, 2023]
- Binance Touts Compliance While Avoiding Financial Disclosures - BeInCrypto [Last Updated On: March 20th, 2023] [Originally Added On: March 20th, 2023]
- Binance replaces BUSD in SAFU fund with TUSD and USDT - Cointelegraph [Last Updated On: March 20th, 2023] [Originally Added On: March 20th, 2023]
- Arbitrum (ARB) Token Listed on Binance Exchange Ahead of Massive Airdrop: Details - U.Today [Last Updated On: March 20th, 2023] [Originally Added On: March 20th, 2023]
- Binance battles 'FTX redux' fears as regulators blow-torch the crypto giant - Markets Insider [Last Updated On: March 20th, 2023] [Originally Added On: March 20th, 2023]
- Binance: Rebuilding Trust in Crypto - CryptoPotato [Last Updated On: March 20th, 2023] [Originally Added On: March 20th, 2023]
- Analyzing exchange stablecoin holdings: Will Tether (USDT) lose relevance as Binance favors True USD (TUSD)? - FXStreet [Last Updated On: April 4th, 2023] [Originally Added On: April 4th, 2023]
- Litecoin (LTC) And Binance (BNB) Reel As Bulls Find Collateral ... - NewsWatch [Last Updated On: April 4th, 2023] [Originally Added On: April 4th, 2023]
- Coinbase Stock Has Held Up Amid the Regulatory Crackdown on Crypto, Binance - Barron's [Last Updated On: April 4th, 2023] [Originally Added On: April 4th, 2023]
- Ripple (XRP) Explodes 20% Unfazed by Binance-CFTC Lawsuit, Bitcoin Consolidates: This Weeks Crypto R... - CryptoPotato [Last Updated On: April 4th, 2023] [Originally Added On: April 4th, 2023]
- Binance: Could CFTC Lead To Bigger Problems? (Cryptocurrency ... - Seeking Alpha [Last Updated On: April 4th, 2023] [Originally Added On: April 4th, 2023]
- Binance burns 1.6 billion LUNC, heres how the token reacted - AMBCrypto News [Last Updated On: April 4th, 2023] [Originally Added On: April 4th, 2023]
- Binance and Miami Heats Jimmy Butler Hit With $1B Crypto Lawsuit - Decrypt [Last Updated On: April 4th, 2023] [Originally Added On: April 4th, 2023]
- Binance Faces Backlash Over BUSD Operations Amid Scrutiny - BeInCrypto [Last Updated On: April 4th, 2023] [Originally Added On: April 4th, 2023]
- This Week in Coins: Bitcoin and Ethereum Survive CFTCs Binance Crackdown - Decrypt [Last Updated On: April 4th, 2023] [Originally Added On: April 4th, 2023]
- Binance Exchange and CEO Face Yet Another Legal Battle - BeInCrypto [Last Updated On: April 4th, 2023] [Originally Added On: April 4th, 2023]
- From Hamas warnings to VIP perks and criminal clients: the US regulators claims against Binance - The Guardian [Last Updated On: April 4th, 2023] [Originally Added On: April 4th, 2023]
- Binance Collaborates With Showmax To Incentivize Crypto Adoption ... - Peace FM Online [Last Updated On: April 5th, 2023] [Originally Added On: April 5th, 2023]
- Japan targets Binance, 4 other crypto exchanges as Bittrex bows out ... - Kitco NEWS [Last Updated On: April 5th, 2023] [Originally Added On: April 5th, 2023]
- Cardano: Crypto Community on Twitter Tells Binance.US That ... - CryptoGlobe [Last Updated On: April 5th, 2023] [Originally Added On: April 5th, 2023]
- Price Predictions For Helium (HNT) and Binance (BNB) Is Reasonable, While Collateral Network (COLT) 3500% - Bitcoinist [Last Updated On: April 5th, 2023] [Originally Added On: April 5th, 2023]
- Half Billion Dogecoin Moved by Binance in Wake of Positive DOGE News - U.Today [Last Updated On: April 5th, 2023] [Originally Added On: April 5th, 2023]
- Binance to Temporarily Suspend Ethereum (ETH) Deposits on This Date - U.Today [Last Updated On: April 5th, 2023] [Originally Added On: April 5th, 2023]
- Binance and Coinbases Market Share Slumped in Q1 As Regulators Targeted Crypto Giants: New Report - The Daily Hodl [Last Updated On: April 5th, 2023] [Originally Added On: April 5th, 2023]
- Dubai regulator demands Binance provide info on ownership, governance: Report - Cointelegraph [Last Updated On: April 5th, 2023] [Originally Added On: April 5th, 2023]
- Orbeon Protocol (ORBN) Rises To The Top While Helium (HNT) and ... - Cryptopolitan [Last Updated On: April 9th, 2023] [Originally Added On: April 9th, 2023]
- CZ says current blockchain throughput cannot make Binance a hybrid exchange - CryptoSlate [Last Updated On: April 9th, 2023] [Originally Added On: April 9th, 2023]
- Terra Classic Could Receive $5M in Funding From Binance - The Crypto Basic [Last Updated On: April 9th, 2023] [Originally Added On: April 9th, 2023]
- Binance Coin (BNB) and Cardano (ADA) Lose Steam As TMS Network (TMSN) Jumps 10x in Presale | Bitcoinist.com - Bitcoinist [Last Updated On: April 9th, 2023] [Originally Added On: April 9th, 2023]
- Binance, Showmax partner to deepen crypto adoption in Africa - Businessday [Last Updated On: April 9th, 2023] [Originally Added On: April 9th, 2023]
- Binance Coin price analysis: BNB price recovers to $311 after ... - Cryptopolitan [Last Updated On: April 9th, 2023] [Originally Added On: April 9th, 2023]
- Dog Days are Over: Bitcoin Holds Ground Amid Binance Lawsuit ... - Analytics Insight [Last Updated On: April 9th, 2023] [Originally Added On: April 9th, 2023]
- Debunking Crypto Myths With Binance! The Myth of Crypto Being ... - Bitcoin News [Last Updated On: April 9th, 2023] [Originally Added On: April 9th, 2023]
- BTC white paper hidden on macOS, Binance loses AUS license and ... - Investing.com [Last Updated On: April 9th, 2023] [Originally Added On: April 9th, 2023]
- CFTC Charges Binance and its Founder with Multiple CEA Violations - JD Supra [Last Updated On: April 9th, 2023] [Originally Added On: April 9th, 2023]
- Report: Binance US Struggles to Secure Banking Partner Amid ... - Bitcoin News [Last Updated On: April 9th, 2023] [Originally Added On: April 9th, 2023]
- Shiba Inu: Binance.US Poll on SHIB Creator Sparks Interesting Community Response - U.Today [Last Updated On: April 9th, 2023] [Originally Added On: April 9th, 2023]
- What Binance's US lawsuit says about the future for cryptocurrency regulation - The Conversation [Last Updated On: April 9th, 2023] [Originally Added On: April 9th, 2023]
- Binance and Coinbase Have Been Sucked Into a Regulatory Turf War - WIRED [Last Updated On: April 9th, 2023] [Originally Added On: April 9th, 2023]
- Binance's US arm struggles to find bank to take its customers' cash, Wall Street Journal reports - Reuters [Last Updated On: April 9th, 2023] [Originally Added On: April 9th, 2023]
- DigiToads Leaves Binance Coin and Polkadot Behind with Its ... - The Coin Republic [Last Updated On: May 3rd, 2023] [Originally Added On: May 3rd, 2023]
- MetaMask denies hack claims, sparking security concerns amongst ... - Euro Weekly News [Last Updated On: May 3rd, 2023] [Originally Added On: May 3rd, 2023]
- Cryptocurrencies Price Prediction: Shiba Inu, Bitcoin & Binance Coin Asian Wrap 03 May - FXStreet [Last Updated On: May 3rd, 2023] [Originally Added On: May 3rd, 2023]
- After Binance And Coinbase This Exchange is penalized by the New York Regulators - Coinpedia Fintech News [Last Updated On: May 3rd, 2023] [Originally Added On: May 3rd, 2023]
- Binance Total LUNC Burns Surpass 31B as Exchange Burns 1.2B+ ... - The Crypto Basic [Last Updated On: May 3rd, 2023] [Originally Added On: May 3rd, 2023]
- SUI Network and Token to Be Listed on Binance, OKX, and Bybit ... - Blockchain Reporter [Last Updated On: May 3rd, 2023] [Originally Added On: May 3rd, 2023]
- Comparing Bitgert and Binance Coin: Similar Teams, Different Price ... - Analytics Insight [Last Updated On: May 3rd, 2023] [Originally Added On: May 3rd, 2023]
- Binance Says ChatGPT Is Attacking Platform and CZ Personally in Its Answers - U.Today [Last Updated On: May 3rd, 2023] [Originally Added On: May 3rd, 2023]
- Digital Gold Rush: Binance Coin And Dogetti's Race To Dominate ... - Analytics Insight [Last Updated On: May 3rd, 2023] [Originally Added On: May 3rd, 2023]
- Binance To Retire Deposit Addresses On Ethereum; Here's Why ... - Analytics Insight [Last Updated On: May 3rd, 2023] [Originally Added On: May 3rd, 2023]
- Binance urges balanced regulatory approach for crypto to ensure innovation, growth are not stifled - CryptoSlate [Last Updated On: May 3rd, 2023] [Originally Added On: May 3rd, 2023]
- Binance Adds SHIB And DOGE To Its Liquidity Pools; Signuptoken ... - Analytics Insight [Last Updated On: May 3rd, 2023] [Originally Added On: May 3rd, 2023]
- Top 10 Binance Trading Bots You Must Know About in 2023 - Analytics Insight [Last Updated On: May 3rd, 2023] [Originally Added On: May 3rd, 2023]
- AX1 Releases Research on Binance Key Project - Trust Wallet Press release Bitcoin News - Bitcoin News [Last Updated On: May 3rd, 2023] [Originally Added On: May 3rd, 2023]
- Binance Continues Its Expansion: Now In Japan on June 2023 - Blockzeit [Last Updated On: May 3rd, 2023] [Originally Added On: May 3rd, 2023]
- Binance claims to be target of ChatGPT-based smear campaign in Washington, D.C. - Fortune [Last Updated On: May 3rd, 2023] [Originally Added On: May 3rd, 2023]
- Jane Street and Jump Crypto Crushed by Regulatory Crackdown, Binance and Coinbase Brace for Impact - Coinpedia Fintech News [Last Updated On: May 10th, 2023] [Originally Added On: May 10th, 2023]
- Crypto Market Analysis: Heres What Next For Ethereum (ETH) & Binance (BNB) Price - Coinpedia Fintech News [Last Updated On: May 10th, 2023] [Originally Added On: May 10th, 2023]