Binance Announces Restrictions on Unauthorized Stablecoins in EU to Comply With MiCA Regulations

Crypto exchange Binance announced Monday its strategy to comply with the forthcoming Markets in Crypto Assets Regulation (MiCA) stablecoin rules, set to take effect on June 30 across the European Economic Area (EEA). These regulations will restrict the issuance and offering of stablecoins to regulated companies, categorizing them as “Regulated Stablecoins.”

Binance will make phased changes to the availability of “Unauthorized Stablecoins” and introduce restrictions on various products and services. Starting June 30, Binance Convert will operate in a “sell-only” mode for unauthorized stablecoins, enabling users to convert these stablecoins into other digital assets, regulated stablecoins, or fiat currencies. Spot trading pairs involving unauthorized stablecoins will remain available temporarily.

Custody and wallet services for unauthorized stablecoins will continue, allowing deposits and withdrawals. New subscriptions and services involving unauthorized stablecoins will be blocked, affecting rewards, spot copy trading, margin trading, and other earning and loan products. New borrowings of unauthorized stablecoins will be prohibited, although existing margin loans will not face forced liquidation. Services such as launchpad, launchpool, simple earn, and Binance Loans will also face limitations.

Source: Bitcoin

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