Binance is delisting several stablecoins, including USDT, for European Economic Area (EEA) residents due to non-compliance with MiCA regulations.

Top crypto exchange Binance announced on March 3 that it would delist several stablecoins not compliant with MiCA on its platforms used by residents in the European Economic Area (EEA).

Binance is planning to delist several stablecoins, including USDT and PAXG, for European Economic Area (EEA) residents due to non-compliance with MiCA regulations.

Binance Is Delisting Several Stablecoins From March 3

Top crypto exchange Binance announced on Friday that it would be listing several stablecoins that are not compliant with MiCA on its platforms used by residents in the European Economic Area (EEA).

Topping the list of stablecoins to be removed is USDT, the largest by market capitalization. Other affected stablecoins include FDUSD, TUSD, USDP, DAI, AEUR, UST, USTC, and PAXG.

Announcing the delisting decision, Binance urged users holding these stablecoins to convert them to USDC, EURI, or EUR at their earliest convenience. However, the crypto exchange clarified that EEA users will still be able to deposit or withdraw non-MiCA compliant stablecoins.

“Custody of non-MiCA compliant stablecoins will continue, and you will be able to withdraw or deposit non-MiCA compliant stablecoins at any time,” Binance said.

The statement added that after March 31, EEA-based Binance users will only be able to convert non-compliant stablecoins via Binance Convert.

Binance’s plan to end support for USDT follows similar moves by other major crypto exchanges that have delisted the stablecoin on the grounds that it does not comply with MiCA regulations. As reported by Bitcoin.com News, Coinbase and Crypto.com have also delisted the stablecoin to comply with recently enacted regulations.

In the U.S., the Tether-issued stablecoin faces growing pressure as lawmakers consider legislation that could push it out. However, the push for regulations that would make it impossible for overseas-based stablecoin issuers to comply has sparked claims that Tether’s rivals want USDT blocked in the U.S.

Coinbase and Crypto.com Dump USDT Ahead of MiCA Deadline

Earlier this week, major crypto exchange Coinbase announced that it would be delisting several stablecoins, including USDT, from its platform in a move to comply with MiCA regulations.

In an email to its users on Monday, Coinbase said it would be discontinuing support for the following stablecoins: USDT, BUSD, DAI, and USDP. The exchange is also planning to sunset its Payer and Payee services for European Economic Area (EEA) users on March 15, 2024.

"We're writing to let you know that we'll no longer offer support for certain stablecoins in the EEA. This decision comes as we continue to evaluate and adapt our product offerings to ensure full compliance with the upcoming Markets in Crypto-Assets Regulation (MiCA) legislation," Coinbase said in an email to users.

The exchange explained that it planned to focus on offering stablecoins that are fully compliant with MiCA. According to Coinbase, these stablecoins will be used for fiat pairs on the exchange, while other stablecoins will no longer be supported.

"We'll be focusing on offering stablecoins that are fully compliant with MiCA for fiat pairs on the exchange. This means that we'll no longer offer support for BUSD, DAI, USDP, and USDT. We'll continue to offer custody of these stablecoins until March 31, 2024.

"We'll also be sunsetting Payer and Payee services for EEA users on March 15, 2024. After this date, you'll no longer be able to send or request crypto using these services. We'll keep you updated on any changes to our product offerings as we approach the MiCA deadline."

Coinbase’s move comes shortly after Crypto.com announced that it planned to delist several stablecoins from its exchange due to upcoming MiCA regulations.

In an email to its users on Monday, Crypto.com said that it planned to delist the following stablecoins: USDT, BUSD, DAI, USDP, and FDUSD. The exchange explained that it planned to focus on offering stablecoins that are fully compliant with MiCA.

"We are writing to inform you about some upcoming changes to our product offerings in the European Economic Area (EEA) as we continue to evaluate and adapt to ensure full compliance with the upcoming Markets in Crypto-Assets Regulation (MiCA) legislation, which comes into effect in August 2024," Crypto.com said in an email to users.

The exchange planned to focus on offering stablecoins that are fully compliant with MiCA. According to Crypto.com, these stablecoins will be used for fiat pairs on the exchange, while other stablecoins will no longer be supported.

"We will be focusing on offering stablecoins that are fully compliant with MiCA for fiat pairs on the exchange. This means that we will no longer offer support for BUSD, DAI, USDP, FDUSD, and USDT. We will continue