Coinbase Plans to Delist Unauthorized Stablecoins, Including Tether's $USDT by December 30

Coinbase wants to remove unauthorized stablecoins from its European Economic Area (EEA) platform by December 30, 2024, in compliance with the EU's new #MiCA regulations.

Coinbase will remove unauthorized stablecoins from its European platform by December 30, in line with the EU's new Markets in Crypto-Assets (MiCA) regulation.

Coinbase is planning to remove unauthorized stablecoins from its European Economic Area (EEA) platform by December 30, 2024, as part of efforts to comply with the EU's new Markets in Crypto-Assets (MiCA) regulation. MiCA mandates that all stablecoins operating in Europe must obtain an e-money license from an EU member state by June 2024.

Coinbase to Delist Unauthorized Stablecoins, Including Tether's $USDT, by December 30

Coinbase wants to remove unauthorized stablecoins from its European Economic Area (EEA) platform by December 30, 2024, in compliance with the EU's new #MiCA regulations. MiCA requires… pic.twitter.com/d6JHfvgKad

— Satoshi Talks (@Satoshi_Talks) October 4, 2024

The move will notably impact several major stablecoins, including Tether (USDT), which is not yet authorized to operate in Europe. As part of the effort, Coinbase will offer its EEA users the option to convert their non-compliant stablecoins into MiCA-authorized alternatives, such as Circle’s USD Coin (USDC), which already meets the regulatory standards.

Further instructions will be provided to users in November 2024 to ensure a smooth transition ahead of the December 30, 2024 deadline.Coinbase’s decision aligns with the broader efforts of other cryptocurrency exchanges to prepare for the MiCA regulation. Other exchanges, including OKEx and Bitstamp, have already restricted access to stablecoins like USDT that do not comply with the new rules.

MiCA Tightens Control Over European Crypto Exchanges, Stablecoins

These actions are being taken to ensure full compliance before the MiCA regulations come into effect later this year. The regulations not only apply to stablecoin issuers but also cover all crypto exchanges operating in Europe, which will be required to take extra steps in ensuring that the digital assets they handle adhere to the new legal parameters.

MiCA is part of the European Union’s initiatives to increase oversight over the booming digital asset industry, mainly to protect consumers and ensure financial stability.

While the developments will significantly impact several stablecoins, including the popular USDT, MiCA-compliant alternatives like USDC are set to take center stage in the local market.Coinbase has also been making moves to align its operations with the regulations. Binance had earlier introduced a new stablecoin called Eurite (EURI) in August 2024, which is regulated under MiCA.

This type of move showcases how crypto exchanges are adapting to the increasingly stringent regulatory landscape, with Coinbase keen on ensuring its presence in the European market.

Earlier, CNF reported that Coinbase had unveiled two more tokens on its listing roadmap—ionet (IO) and Degen (DEGEN). Degen has tapped into the memecoin mania, which continues to gather steam despite a broader market slowdown.

Initially offered as a reward token for the Farcaster community, its association with the decentralized social network has garnered much attention.