Binance to limit unregulated stablecoins in EU ahead of new crypto rules


Binance
will
limit
the
availability
of
“unregulated

stablecoins”
in
the
EU
by
June
30,
aligning
with
the
upcoming

Markets
in
Crypto-Assets
Regulation
(MiCA),
according
to
a
statement
released
on
June
3.

The
crypto
exchange
indicated
that
several
stablecoins
might
not
comply
with
the
new
regulations
and
will
face
restrictions.
However,
it
did
not
specify
which
stablecoins
would
be
affected.

Binance

said:

“This
will
be
a
first
step
entering
the
new
regulatory
framework
and
it
will
have
a
significant
impact
on
the
stablecoin
market
in
EEA.”

Phased
approach

Binance
plans
to
implement
a
phased
approach
to
meet
the
new
stablecoin
regulations
in
Europe.

The
exchange
will
allow
users
to
convert
holdings
in
unregulated
stablecoins
to
other
digital
assets
such
as

Bitcoin,

Ethereum,
regulated
stablecoins,
and
fiat
currencies.
It
added:

“These
transitional
measures
aim
at
allowing
EEA
users
to
switch
to
Regulated
Stablecoins
while
avoiding
any
market
disruption
and
complying
with
MiCA
stablecoin
rules.

Additionally,
Binance
will
implement
restrictions
across
its
entire
product
range,
preventing
users
from
accessing
new
products
or
services
involving
unauthorized
stablecoins.

How To Get Free Crypto  

As
of
press
time,
Binance
has
not
responded
to

CryptoSlate’s

request
for
further
comments.

Impending
MiCA
regulations

The
European
Union’s
MiCA
legislation
is
expected
to
be
fully
operational
by
the
end
of
2024,
and
stablecoin
regulations
will
be
enacted
this
month.

Under
these
new
rules,
only
Electronic
Money
Institutions
(EMIs)
and
credit
institutions
can
issue
stablecoins,
aligning
with
the
existing
EU
Electronic
Money
Directive
(EMD).
Major
crypto
exchanges
like

Kraken
and
OKX
are
working
to
comply
with
these
regulations,
which
may
include

removing
Tether’s
USDT
stablecoin
from
their
platforms.

In
contrast,

Circle
and
its

USDC
stablecoin
are
well-positioned
to
meet
these
requirements.
Circle
applied
for
an
EMI
license
in
December
2023
after
securing

conditional
registration
in
France.
This
move
is
part
of
Circle’s
strategy
to
align
with
the
EU’s
MiCA
regime.

Dante
Disparte,
Circle’s
Chief
Strategy
Officer,
emphasized
the
significance
of
MiCA,

stating:

“MiCA
is
not
crypto’s
Y2K
moment
that
can
be
ignored.
Really
consequential
developments
are
underway
for
digital
assets
in
the
world’s
third-largest
economy.”

Mentioned
in
this
article

Go to Source
Author: Oluwapelumi Adejumo


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

You May Also Like

More From Author

This site uses Akismet to reduce spam. Learn how your comment data is processed.