During the European Banking Authority public hearing, Marina Parthuisot, the head of legal at binances-cz-denies-taking-250m-loan-from-bam-management">Binance France, said that the company has not yet approved any projects, leading to their move towards the delisting of all stablecoins in Europe on June 30.
This announcement comes after the approval of the Markets in Crypto-Assets (MiCA) legislation earlier this year. The provisions for stablecoins in this law will take effect on June 30, 2024. Elizabeth Noble, the team leader for MiCA at the EBA, confirmed that there will be no transitional arrangements and that MiCA rules will be enforced from the end of June 2024.
Binance has delisted assets in the past but has reversed some decisions. However, in the case of stablecoins, Binance’s decision to delist them is in line with MiCA compliance regulations.
Some experts have raised concerns that MiCA’s provisions could harm the adoption of stablecoins in Europe, as stablecoins including Tether and USD Coins will be subject to a transaction cap of $216 million. Additionally, other companies and nations are shifting to comply with MiCA regulations.
Changpeng Zhao, the CEO of Binance, has clarified any misconceptions about the company’s plan to delist stablecoins on social media. He stated that they have partners launching compliant EUR and other stablecoins. While Binance’s decision to delist stablecoins in Europe is seen as a move towards regulatory compliance, the impact on the cryptocurrency market in Europe remains to be seen.
#Europe #Binance # Stablecoin #MiCA
