Binance, the world’s largest cryptocurrency exchange, has eliminated stubcoins that are not compatible with MICA for European Economic Space (EEE) users. The company had already announced the measure in a statement on March 3rd.
“We are adjusting the availability of stubcoins that are not compatible with EEE MICA in line with the latest guidelines from EU authorities… Affected assets include USDT, FDUSD, TUSD, USDP, DAI, AEUR, XUSD, PAXG,” the company also revealed that “pairs of stubcoins encountering MICAs such as USDC and EURI, and Euro trustee pairs (EURs) will remain available without change.”
MICA, which means cryptographic market regulations, is a regulation approved by the European Union in April 2023. Establish a common regulatory framework for cryptoactive frameworks in 27 member states. The law has four important objectives: It provides a legal floor that defines the normative treatment of unregulated cryptocurrencies, promotes innovation within legal schemes, protects consumers and investors, and ensures financial stability, especially with regard to stubcoins. MICA came into effect on December 30th.
Recently, an X user reported I have received emails regarding the suspension of these stivcoins since March 31st.. Therefore, customers were urged to convert holdings of USDT, PAXG and other cryptocurrency assets that meet MICA requirements.
In this connection, analysts expressed his discomfort and confirmed that PAXG is one of the suspended stub coins, a gold-backed stub coin. Consider the European Union that users are not sympathetic to be able to invest in many quoted metals via cryptoactive.
It is not the only exchange that has decided to eliminate some ridiculous pairs of trading pairs in order to comply with European regulations. Cryptonoticia, Coinbase and Okx reported that they had made similar decisions a few months ago, and Kraken announced it. I’ll withdraw USDT on the same day as Binance.
As of 11:59pm on March 31, UTC Time eliminated the aforementioned stubcoins and restricted spot trading peers. This type of bot service has also been stopped. Nevertheless, Users can sell the remaining holdings through Binance Convertan exchange tool that allows you to easily convert cryptocurrency, and must operate directly into the trading market.
Despite restrictions imposed by the European Union, Tethers (USDTs) continue to show resilience. According to Cryptootics in February, USDT issuers were able to maintain their dominant position. It surpasses all-purpose Wall Street banks like Goldman Sachswith profits reaching US$130 million in 2024, the company diversifies its revenue streams and invests in sectors such as renewable energy, Bitcoin mining and artificial intelligence.
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