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Binance has announced plans to delist non-MiCA compliant stablecoins in the European Economic Area (EEA) by March 31. The affected tokens include Tether (USDT), First Digital USD (FDUSD), and DAI. The exchange is encouraging users to transition to MiCA-compliant alternatives, such as Circle’s USD Coin (USDC), Eurite (EURI), or fiat options like the euro (EUR).
In a March 3 statement, Binance confirmed that spot trading for these non-compliant stablecoins will continue until the deadline. After that, the exchange will fully remove these pairs. Binance stated: “Custody of non-MiCA Compliant Stablecoins will continue and you will be able to withdraw or deposit non-MiCA Compliant Stablecoins at any time.”
Margin trading will also be impacted by the limitations. On March 27, Binance will begin eliminating margin trading pairs that are not in compliance. These combinations will immediately convert any leftover assets to USDC. Binance has encouraged users to convert their holdings prior to the deadline in order to mitigate the danger of liquidation.
The exchange will provide incentives for trading USDC and EURI as well as zero-fee trading on a few pairs to aid users in their move. In order to guarantee adherence to MiCA requirements, users are also urged to update their Binance Earn and Loan holdings.
These changes are in line with Binance’s larger initiatives to adhere to the Markets in Crypto-Assets (MiCA) framework, which aims to regulate the European cryptocurrency market. It is imperative that EEA users update their portfolios by the March 31 deadline.