Binance to Delist Stablecoins in Europe by June 2024 Following MiCA Law Implementation
Summary:
Binance, a major cryptocurrency exchange, plans to remove stablecoins from its European market by June 2024, according to a declaration by Marina Parthuisot, legal head at Binance France. This decision follows the enactment of the Markets in Crypto Assets (MiCA) law in Europe earlier this year, with rules regarding stablecoins applying from June next year. Binance's anticipated action is expected to significantly influence the European market.
A high-level officer at Binance, the cryptocurrency exchange company, recently revealed at a European Banking Authority (EBA) public hearing that the platform intends to remove stablecoins from its European offerings by June 2024. Marina Parthuisot, who leads the legal operations for Binance in France, mentioned that due to the lack of approved projects, the company is progressing towards a stablecoin-free platform across Europe on the fixed day, which may strongly affect the European market contrasted with other global regions.
This announcement comes as a response to the introduction of Europe's groundbreaking cryptocurrency regulation, the Markets in Crypto Assets (MiCA) law, which was established earlier this year. The law's provisions that control stablecoins will be instituted in June 2024, precisely a year after its introduction. Elizabeth Noble, who heads the MiCA team at the EBA, addressed Parthuisot's comments by confirming that there are no interim preparations for such stablecoin tokens and that the rules will commence by the termination of June next year.
Binance is yet to add further commentary on this expected course of action. Cointelegraph has made contact with the company asking for additional annotations. This news is ongoing, and more details will be reported regularly as they emerge.
The accompanying segment discusses the nine crucial stages necessary for assuring adherence to the incoming MiCA regulations.
Published At
9/21/2023 1:52:28 PM
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