Binance, the biggest centralized crypto exchange around the world, will smooth nine stablecoins for those of the European Economic Domaine (EEE), including the parts issued by AttachedBecause they do not comply with the EU Markets in cryptographic assets (Mica) regulations.
From March 31, the assets concerned will be USDT, FDUSD, TUSD, USDP, DAI, AUR, UST, USTC and PAXG, said Crypto Exchange in an ad. Binance will continue to allow anyone to withdraw or deposit these parts, but encourages EEA users to convert all non -mica compliant stable stables, because certain features will be limited for these tokens.
Stable Cryptocurrencies that try to remain fixed at the price of an asset, which may include fiduciary currencies such as the dollar, as well as other assets such as gold or silver. Often this is done by holding a reserve of the assets in which the token is fixed.
Mica was praised as the most important regulations specific to crypto when it was carried out in 2023, because it planned to give regulatory clarity to digital assets to users of the European Economic Region – the 27 European Union member states plus Iceland, Liechtenstein and Norway.
“Since the Mica entered into force from 2025, only the approved emmetors of the Mica can emit stabbed to the residents of the EEA”, ” Niko Demchuklawyer for the compliance company Amlbotsaid Decipher. “There are companies that have already been authorized and authorized to issue stablecoins in the EEA. For example, Circle is authorized to issue the EURC and the USDC. »»
This explains why the coins issued in a circle like the USDC – the second largest stablecoin by market capitalization, according to Flirtatious–were not struck off by Binance. For this reason, other centralized exchanges have struck up non -compliant floors, such as Coinbase Europe, which has struck the attachment Back in December.
“They will have to open a business in the EEA and request a Mica license as a stablecoin issuers. It is a fairly simple process with all the requirements listed in the Mica, ”said Demchuk.
Tether did not immediately respond to DecipherThe request for comments regarding Mica compliance.
Tether calls a new CFO
The news comes the same day that Tether has appointed a new The financial director, Simon McWilliams, in what the company described a “historic stage” to his first complete financial audit.
At the start of the year, Rafocalized Tether All its subsidiaries in El Salvador, a country that has made Legal bitcoin In 2021. This decision, said the company, undertook to align itself with a country that shared its vision of “financial freedom, innOvation and resilience “but also cited its” favorable regulatory environment “.
Tether has attracted controversy in the past, with regulators, legislators and Consumer protection groups Distant that the company is not sufficiently transparent on how it supports its stablecoin reserves.
In 2021, the company paid $ 18.5 million in fines and had to stop all trading activities in New York State, as part of a settlement With the NYAG. That same year, he was struck by a Fine of $ 41 million by the Comedity Futures Trading Commission on “false or deceptive statements” concerning its reservations.
For his part, the attachment point towards its quarterly certificates and transparency reports to demonstrate its compliance and have indicated that it open To be audited by one of the “four large accounting firms – Deloitte, PwC, EY and KPMG.
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