Binance announced that it will delist stablecoins in Europe. MICA standards were cited as the reason for this decision.
“It could have a significant impact.”
Binance announced that it plans to delist stablecoins from the European market by June 2024 to comply with the standards set by MiCA. “We are heading towards the delisting of all stablecoins in Europe on June 30,” said Marina Parthuisot, legal director of Binance France, as no projects have received approval yet. he said and added:
“This could have a significant impact on the market in Europe compared to the rest of the world.”
Europe’s landmark crypto regulation, the Markets in Crypto Assets (MiCA) law, was passed in June. Within the scope of the legislation, the provisions regarding stablecoins will come into force one year later, that is, in June 2024.
However, the exchange had changed its mind once before about delisting the assets. On June 26, after reviewing its operations to comply with EU standards, it reversed its decision to delist privacy coins in Europe after receiving feedback from the community and multiple projects.
On the stablecoin issue, lawyers following the situation surrounding the new EU legislation in July commented that the stablecoin transaction limit could “stifle” crypto adoption. Under MiCA, a limit of $216 million will be imposed on stablecoins.
