Binance will remove stablecoins from the European market by June 2024 to follow the rules in the Markets in Crypto-Assets (MiCA) law.
In a meeting with the European Banking Authority (EBA), Marina Parthuisot, Binance France’s legal head, mentioned that due to the lack of approved projects, all stablecoins in Europe might be removed from Binance by June 30. This decision is linked to the MiCA law passed earlier this year, with stablecoin-related rules set to start in June 2024.
It’s essential to know that Binance had earlier decided not to delist privacy coins in Europe following community feedback and a commitment to meeting EU standards.
Under MiCA, stablecoins will have a transaction limit of $216 million, which includes popular tokens like Tether (USDT) and USD Coin (USDC).
Binance’s choice to delist stablecoins is part of a larger trend where companies and countries are adjusting their strategies to match the new regulatory environment. France, for instance, has updated its crypto licensing rules to align with MiCA.
Binance CEO Changpeng Zhao also clarified the situation on social media, affirming their intention to launch EUR and other stablecoins while complying with regulations. He expressed optimism about compliant businesses in Europe under the MiCA framework.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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