Binance will restrict use of nine stablecoins, including Tether, for European users

The crypto exchange will remove the stablecoins that do not comply with the MiCA regulation. Starting March 31, Binance users from the EU will not be able to use these tokens.

The affected tokens include USDT, DAI, TUSD, USDP, FDUSD, AEUR, UST, USTC, and PAXG. Regardless of the delisting, European users of the crypto exchange will still be able to deposit, withdraw, and convert the affected stablecoins using Binance Convert. Additionally, custody for the non-MiCA-compliant tokens will continue.

“However, they [users] will not be able to use these stablecoins for any other products and services on our platform,” a spokesperson for Binance explained.

Binance advises its users to convert tokens that do not comply with the MiCA regulation to alternatives, such as USDC, EURI, or fiat currencies.

The new regulations enforced by the European Securities and Markets Authority did not exclusively affect Binance. Coinbase, Kraken, Crypto․com, and other crypto exchanges are also planning to delist non-MiCA-compliant stablecoins.

The MiCA (Markets in Crypto-Assets) Regulation aims to create uniform rules for EU-based crypto projects. Its key goals are to maintain market integrity and inform consumers about the risks associated with crypto assets.