Binance, the world's largest cryptocurrency exchange, announced that it will limit unauthorized stablecoins for users in the European Union due to MiCA.
Accordingly, users will need to switch to and use stablecoins issued under MICA for access.
“This announcement only affects users in the European Economic Area (EEA).
On 30.06.2024, the new MiCA stablecoin rules will come into force in the European Economic Area (EEA).
This will be the first step in introducing the new regulatory framework and will have a significant impact on the stablecoin market in the EEA.
Since it is important for all users to understand the impact of the upcoming changes, here are some important details about the new rules and how Binance is implementing them.
At this point, Binance will restrict the availability of “Unauthorized Stablecoins” for EEA users in its product offerings starting from 30.06.2024 (UTC+3).
Because as of 30.06.2024 (UTC+3), stablecoins will be issued in the EEA; This means that in practice only certain regulated companies can issue and offer publicly traded stablecoins; these stablecoins shall be “Regulated Stablecoins.”
*This is not investment advice.
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Which are the Unauthorized Stablecoins?
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