Binance, the global cryptocurrency exchange, is set to enforce significant changes to stablecoin access for European users starting June 30. Unauthorized stablecoins will be restricted.
The move aligns with the European Union's new Markets in Crypto-Assets (MiCA) regulations, which mandate that only regulated companies can issue and offer stablecoins to the public.
As part of this compliance, Binance will restrict access to "unauthorized" stablecoins. Users will see phased changes across Binance's products, including Binance Convert, Spot Trading, and Wallet services. Unauthorized stablecoins will be unavailable for new transactions, aiming to minimize market disruptions and ensure regulatory adherence.
Additionally, the changes impact reward distributions and various Binance services, including Spot Copy Trading, which will cease on June 29 for EEA users. Margin trading will also face restrictions, with new borrowings and transfers of unauthorized stablecoins being blocked.
Binance’s ecosystem will undergo further adjustments, affecting services like Launchpad, Launchpool, Simple Earn, and others. The company's native token, BNB, showed a positive market response, trading at $623 with a 4.5% gain.
These measures underscore Binance’s commitment to regulatory compliance while adapting to evolving crypto-asset regulations in Europe.