Binance Removes 9 Stablecoins from Its Platform in the EEA to Comply with MiCA

YEREVAN (CoinChapter.com) — Binance will remove nine stablecoins from its platform in the European Economic Area (EEA)

Crypto exchange Binance will be removing 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 on Friday, adding that users in the region will no longer have access to spot trading pairs for these stablecoins from the announced date.

However, Binance will still allow custody, deposits, withdrawals, and conversions for the affected assets, which are 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 by MiCA, which is introducing new rules for stablecoin issuers in the EEA. The regulation grants European Union (EU) members the authority to sanction any stablecoin issuers that fail to comply with the new regulations.

Stablecoins that meet MiCA regulations, such as USD Coin (USDC) and Eurite (EURI), will continue to be available on Binance. These stablecoins are issued in jurisdictions that have applied for and received approval from relevant European authorities.

Moreover, Binance encouraged users in the EEA to consider switching their stablecoin holdings to MiCA-compliant alternatives or fiat currencies like the euro.

“We understand that this change may affect your trading activity. If you wish to continue trading stablecoins, we suggest switching to USDC or another MiCA-compliant stablecoin,” the exchange said.

Binance is still working toward securing a MiCA license to continue operating in the region. Earlier this year, the exchange announced adjustments to comply with MiCA, including changes to deposit and withdrawal procedures in Poland.

The exchange will make more changes to align its services with MiCA regulations, which take full effect in January 2025.

From 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. Earlier this year, the exchange announced its withdrawal from the Netherlands after failing to secure the required operating license from the Dutch central bank.