Why #Binance will delist these cryptocurrencies

Under the scrutiny of new crypto regulations, Binance is preparing for a major clean-up operation in Europe. Stablecoins that do not comply with the MiCA (Markets in Crypto-Assets) regulation will have to leave by the end of June.

It seems that #Binance has learned his lesson: any initiative bordering on insolence towards the financial police could cost him dearly. Even if it means depriving oneself of the talents of a person as skillful as Changpeng Zhao at the head of its board of directors

It is in this spirit of diligent good student that Binance recently published on its blog some details on the adjustment of the stablecoins listed on its platform, once the MiCA regulation comes into force within 24 days.

“From June 30, 2024, stablecoins will be regulated in the EEA, which in practice means that only certain regulated companies will be able to issue and offer stablecoins to the public (these stablecoins will be called 'regulated stablecoins'),” specifies the Binance team.

After this fateful date, “unregulated stablecoins” will be subject to progressive restrictions for investors living in the European Economic Area (EEA). However, Binance did not provide any additional details on these stable cryptocurrencies, with the notable exception of Tether's USDT: “Binance will not delist USDT as of June 30, 2024,” we can read in the press release.

Other crucial information to remember:

The goal of Binance management is to limit access to stablecoins that do not comply with the MiCA regulation.

Traders will be able to use the platform's Convert features after June 30 to exchange unregulated stablecoins for other regulated stablecoins, bitcoin or other cryptocurrencies of their choice.

Custody services for these assets will be maintained, allowing holders to withdraw them