Binance to Delist USDT and DAI in Europe by March 31

As Europe prepares for a heavy enforcement of the Markets in Crypto Assets (MiCA) law, crypto exchanges are moving to ensure compliance.

Binance, the biggest crypto exchange by market cap, has announced plans to delist stablecoins for European users. The trading platform named USDT and DAI, First Digital, TerraUSD, and Pax Dollar are some of the stablecoins it will delist on March 31st.

Binance Limits Stablecoin Use for EU Crypto Traders

However, Binance noted that European users will be eligible to sell off these listed stablecoins using its Convert platform. A Binance representative said in a statement, “EEA users will still be able to hold and deposit non-MiCA-compliant stablecoins and will be able to convert them to MiCA-compliant stablecoins or withdraw them. However, they will not be able to use these stablecoins for any other products and services on our platform.”

The exchange, however, clarified that stablecoins like USDC would remain available. Circle’s USDC is widely considered MiCA-compliant, unlike its rival, USDT. Binance has encouraged EU users to convert their USDT or any non-MiCA compliant stablecoins to USDC or other accepted alternatives.

Binance Faces EU Scrutiny, Works Toward MiCA Compliance

Meanwhile, Binance, like other exchanges, is working towards being fully compliant with EU policies. The crypto platform recently faced troubles with regulators in France. The country’s authorities accused Binance of illegal operations, as well as aiding money laundering and criminal activities.

Binance has yet to receive a MiCA license. The trading platform has already adjusted its deposit and withdrawal system in Poland to be MiCA-friendly.

Disclaimer

The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers, and their risk tolerance may be different from yours.

We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please do your due diligence.

Copyright Altcoin Buzz Pte Ltd.