Binance plans to remove the world’s most popular stablecoin from the platform

The world’s largest crypto exchange Binance has announced important changes for its European users. Since the end of March this year, the exchange has been forced to stop supporting nine popular stablecoins in the European Economic Area.

This change will affect such well-known digital assets as USDT (Tether), DAI, and other stablecoins. The reason for such drastic changes is the new European regulations on cryptocurrencies, known as MiCA (Markets in Crypto Assets Regulation).

Although trading in these assets will become impossible, European users will still be able to store them in their accounts, deposit and withdraw funds. However, representatives of the exchange emphasize that these stablecoins cannot be used in other services of the platform.

The exchange recommends that customers from European countries transfer their funds to stablecoins that comply with the new rules, such as USDC and EURI, or simply withdraw money in regular currencies.

Binance 's solution fully complies with the requirements of the European Securities and Markets Authority, which announced at the beginning of the year that all stablecoins that do not comply with the new European regulations must be removed from the market by the end of March 2024.

As of today, only ten companies, including Circle, Crypto.com, and Societe Generale, have received official permission to issue stablecoins in the European Economic Area in accordance with the new regulatory requirements.