Binance Announces Major Changes To Stablecoin Access In Europe From June 30 | Bitcoinist.com



Binance,
one
of
the
world’s
leading
cryptocurrency
exchanges,
has
recently
announced
significant
changes
to
its
stablecoin
regulations
in
Europe. 


Starting
from
the
end
of
June,
Binance
will
begin
restricting
access
to
“unauthorized”
stablecoins
in
compliance
with
the
new
MiCA
stablecoin
rules
across
the
European
Economic
Area
(EEA). 


Binance
Adapts
To
New
Stablecoin
Regulations


Under
the


new
regulations
,
only
regulated
companies
will
be
permitted
to
issue
and
offer
stablecoins
to
the
public,
which
will
be
classified
as
“Regulated
Stablecoins.” 

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As
a
result,
several
existing
stablecoins
may
not
meet
the
requirements
to
be
categorized
as
such.
They
will
consequently
be
subject
to
certain
restrictions,
earning
them
the
“Unauthorized
Stablecoins.”


To
ensure
a
clear
transition
for
its
users
and
comply
with
the
MiCA
stablecoin
rules,
Binance
will
implement
phased
changes
to
the
availability
of
Unauthorized
Stablecoins,
as


announced


on
Monday.
These
changes
will
affect
various
aspects
of
Binance’s
product
offerings.


Starting
from
June
30,
the
exchange
will
restrict
the
availability
of
the
labeled
Unauthorized
Stablecoins
for
EEA
users
across
its
entire
range
of
products
and
services.
This
includes
Binance
Convert,
Spot
Trading,
Wallet,
and
more. 


Users
cannot
engage
in
new
products
or
services
involving
Unauthorized
Stablecoins.
Binance
aims
to
prevent
market
disruptions
and
ensure
compliance
with
the

Coinbase Banner  


MiCA
stablecoin
rules
.


Impacts
will
also
be
felt
in
various
areas
of
Binance’s
ecosystem.
Rewards,
such
as
those
obtained
from
the
Rewards
Center,
Campaigns,
and
Referrals,
will
be
altered
to
be
distributed
in
Regulated
Stablecoins,
BNB,
or
other
non-stablecoin
tokens. 


More
Changes
Ahead


Spot
Copy
Trading
will
cease
to
be
available
for
EEA
users
on
June
29.
Individuals
using
this
service
are
advised
to
close
their
positions
and
transfer
their
funds
to
their
respective


Spot
Wallets


before
the
specified
date
and
time. 


Margin
trading
will
also
be
affected,
as
new
borrowings
and
transfers
of
Unauthorized
Stablecoins
as
collateral
into
users’
Margin
Wallets
will
be
blocked.
Existing
Margin
loans,
however,
will
remain
unaffected
and
will
not
be
subject
to
forced
liquidation
until
further
notice. 


Margin
traders
impacted
by
these
changes
are
encouraged
to
close
margin
loans
involving
Unauthorized
Stablecoins.
Existing
holdings
of
Unauthorized
Stablecoins
in
Margin
Wallets
may
still
be
utilized
for

FreeBitcoin Banner  


trading


until
further
notice.


Binance’s
Launchpad,
Launchpool,
Simple
Earn,
Loans
&
VIP
Loans,
Auto-Invest,
Dual
Investment,
Cloud
Mining,
Binance
Pay,
Send
Cash,
Red
Packet,
NFT
purchases,
Spend
To
Earn,
Gift
Cards,
Web3
Wallet

Earn
Section,
P2P,
and
OTC
trades
will
also
experience
specific
restrictions
or
changes
related
to
Unauthorized
Stablecoins.

The
daily
chart
shows
BNB’s
price
recovery.
Source:

BNBUSD
on
TradingView.com


As
of
press
time,
the
exchange’s
native
token,
BNB,
is
currently
trading
at
$623,
following
the
broader
market’s
recovery
with
a
4.5%
gain
in
the
past
24
hours,
inching
closer
to
its
yearly
high
of
$642
reached
in
mid-March. 


Featured
image
from
Unsplash,
chart
from
TradingView.com

Go to Source
Author: Ronaldo Marquez


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