Coinbase has announced that it plans to delist all unauthorized stablecoins from its crypto exchange in the European Economic Area (EEA) by the end of 2024, in anticipation of the European Union’s new regulatory framework.
Coinbase to Delist Non-EU Compliant Stablecoins by December
This move could significantly impact major tokens like Tether's USDT.
The EU will fully implement its Markets in Crypto Assets (MiCA) regulation by December 31, 2024.
MiCA’s guidelines for stablecoin issuers came into effect on June 30, requiring issuers to obtain e-money authorization in at least one EU member state. Further regulatory guidance for exchanges and other firms will come into effect by the end of the year.
“Given our commitment to compliance, we intend to restrict the provision of services to EEA users in connection with stablecoins that do not meet MiCA requirements until December 30, 2024,” a Coinbase spokesperson said in a statement on Friday.
The exchange plans to release more details in November, including options for users to convert their stablecoins to EU-compliant alternatives like Circle’s USDC.
This decision comes amid increasing pressure on stablecoin issuers as exchanges in the region, including OKX, Bitstamp, and Uphold, have begun limiting access to Tether’s USDT ahead of the full implementation of MiCA.
While Tether, the world’s largest stablecoin issuer, has yet to receive the necessary permits to offer its $120 billion USDT in Europe, rivals such as Robinhood Markets Inc. and Revolut Ltd. are exploring launching their own stablecoins to challenge Tether’s dominance.
*This is not investment advice.
