YEREVAN (CoinChapter.com) — Binance will remove nine stablecoins from its platform in the European Economic Area (EEA) on March 31 to comply with Markets in Crypto-Assets Regulation (MiCA). The exchange confirmed this in an official announcement, stating that users in the region will no longer have access to spot trading pairs for these stablecoins. However, Binance will still allow custody, deposits, withdrawals, and conversions for affected assets.
Let’s not forget, Tether alone holds a massive market cap of $142.4 billion, making it the largest stablecoin in circulation.
USDT, DAI, and Other Stablecoins Affected
The stablecoins being removed include Tether (USDT), Dai (DAI), First Digital USD (FDUSD), TrueUSD (TUSD), Pax Dollar (USDP), Anchored Euro (AEUR), TerraUSD (UST), TerraClassicUSD (USTC), and PAX Gold (PAXG). These stablecoins do not meet the requirements set under MiCA, which introduces new rules for stablecoin issuers in the EEA.
Users holding these stablecoins can still convert them using Binance Convert, which will remain available. Binance also confirmed that the custody of non-compliant stablecoins will continue, and users will be able to deposit and withdraw these assets at any time.
MiCA-Compliant Stablecoins Remain Available
Stablecoins that meet MiCA regulations will continue to be available on Binance. These include USD Coin (USDC) and Eurite (EURI), which are issued under regulatory frameworks that align with MiCA requirements. It encouraged users in the EEA to consider switching their stablecoin holdings to MiCA-compliant alternatives or fiat currencies like the euro.
Binance Moves Toward MiCA Licensing
Binance is still working toward securing a MiCA license to continue operations under the new European regulatory framework. The exchange has already made adjustments to comply with MiCA, including changes to deposit and withdrawal procedures in Poland earlier this year. Binance will make more changes to align its services with MiCA regulations, which take full effect in January 2025.
Starting January 20, 2025, Binance will require users in Poland to provide more details for cryptocurrency transactions. For deposits over €1,000, users must include the sender’s full name, country, and, if applicable, the originating crypto exchange’s name. Likewise, all withdrawals must include the beneficiary’s full name, country, and exchange name, if relevant. These changes improve transparency and align with the EU’s anti-money laundering (AML) standards.
Binance warned that it may delay or return transactions without the required information.
The delisting of non-compliant stablecoins marks another step in Binance’s compliance strategy as European regulators tighten controls on crypto assets.
