Binance to Delist Non-Compliant Stablecoin Pairs by March 31

Binance has announced plans to remove trading pairs involving stablecoins that don't comply with MiCA regulations. This includes popular stablecoins like Tether's USDT

Binance is set to remove trading pairs involving stablecoins that don't comply with MiCA regulations, the cryptocurrency exchange announced on Friday.

The move, which will take effect on March 31, is part of Binance’s effort to follow the European Union’s Markets in Crypto-Assets (MiCA) regulatory framework.

Non-MiCA compliant stablecoins can still be traded in spot pairs until the deadline. After March 31, these pairs will be removed completely, and users in the European Economic Area will be able to switch to MiCA-compliant stablecoins like Circle’s USD Coin (USDC) and Eurite (EURI), or to traditional currencies like the euro (EUR).

The exchange added that users will still be able to deposit and withdraw non-compliant stablecoins even after the trading pairs are removed.

"We will be delisting all non-MiCA compliant stablecoin trading pairs in the European Economic Area (EEA) starting March 31. This includes USDT, FDUSD, TUSD, USDP, DAI, AEUR, UST, USTC and PAXG spot trading pairs," Binance said in the announcement.

These changes will also affect margin trading. Starting March 27, Binance will remove margin trading pairs for non-compliant stablecoins and will automatically change any remaining assets into USDC.

The exchange urged traders to convert their holdings before the deadline to avoid potential losses from liquidation.

To further encourage this shift, Binance is offering zero-fee trading on certain pairs and extra rewards for those trading with USDC or EURI.

While Binance is adapting to European regulations, stablecoin oversight is still being discussed in the United States.

Recently, US lawmakers introduced a new legislative proposal called the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act.

This act is aimed at establishing a federal regulatory framework for payment stablecoins, classifying approved stablecoin issuers as financial institutions under the Bank Secrecy Act (BSA), and limiting who can issue stablecoins to these institutions.

One important part of the bill would allow state regulators to oversee stablecoins with less than $10 billion in circulation, aiming to address concerns about states competing with each other in regulation.

The post Binance to Delist Major Stablecoin Pairs in Upcoming MiCA Compliance Move appeared first on Coin Edition.

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