#CryptoRegulation

In January, the European Securities and Markets Authority (ESMA) directed all cryptocurrency exchanges to verify whether the assets listed on their platforms comply with MiCA regulations.

The EU authority instructed exchanges to identify and halt the trading of tokens that do not comply with MiCA legislation.

According to the guidelines, Binance stated that First Digital USD (FDUSD), Pax Dollar (USDP), Dai (DAI), Anchored Euro (AEUR), TerraUSD (UST), TerraClassicUSD (USTC), TrueUSD (TUSD), Paxos Gold (PAXG) along with Tether would not be available to its users in the EU starting April 1.

Stablecoins are crypto tokens backed by an underlying asset, typically fiat currencies or reserve assets such as gold.