Binance Plans to Restrict Unauthorized Stablecoins in EU
As the market for Crypto-Assets Regulation (MiCA) rules of stablecoins (asset-referenced tokens) come into effect at the end of the month, Binance will need to adhere to the regulations.
The popular cryptocurrency exchange has notified its users in the European Economic Area about potential changes to their services.
MiCA has been created to establish consistent guidelines for crypto asset issuers that have not been regulated in the European Union. In response, Binance will categorize stablecoins into “authorized” and “unauthorized” coins based on their compliance with the new rules.
To ensure compliance with MiCA objectives, Binance plans to gradually transition users from “Unauthorized Stablecoins” to “Regulated Stablecoins” as more options become available in the market.
At this time, there have been no decisions made on which stablecoins are considered compliant with MiCA. Binance notes that only a few stablecoins currently meet the requirements.
