1. BITBILIHome
  2. Article

Binance plans European stablecoin delist by June 2024 amid new laws

• 59 views

TL;DR Breakdown

  • Binance announced plans to delist stablecoins for the European market by June 2024, following the introduction of the MiCA legislation.
  • MiCA, a major European crypto regulation, aims to implement stablecoin laws by 2024.
  • Marina Parthuisot of Binance stated that no stablecoin projects have been approved, hinting at a potential delisting in Europe.

Description

Binance outlined a Thursday consultation with the European Banking Authority, revealing plans to delist stablecoins for the European market by June 2024. This announcement comes after the newly passed Markets in Crypto Assets (MiCA) legislation, a pivotal piece of European crypto regulation. The legislation, set to implement stablecoin laws by June 2024, has spurred Binance … Read more

Binance outlined a Thursday consultation with the European Banking Authority, revealing plans to delist stablecoins for the European market by June 2024. This announcement comes after the newly passed Markets in Crypto Assets (MiCA) legislation, a pivotal piece of European crypto regulation. The legislation, set to implement stablecoin laws by June 2024, has spurred Binance to consider compliance seriously.

Marina Parthuisot, Binance France’s director of legal, conveyed that the project has yet to receive approval. Consequently, she stated, “We are heading to a delisting of all stablecoins in Europe on June 30.” This move is anticipated to have a disproportionately large impact on the European market compared to the global landscape.

However, Binance has shown flexibility in its decisions. After community feedback and revisions to align with EU regulations, the company reversed its decision to delist privacy coins in Europe on June 26. This adaptability indicates a willingness to cooperate with regulatory frameworks and community needs.

Elizabeth Noble, head of the MiCA team at the EBA, clarified that the regulations would be effective from the end of June 2019, with no transitional arrangement for stablecoin tokens. This immediate enforcement underscores the urgency and importance the EBA places on compliance with the new regulations.

The MiCA legislation has imposed a $216 million limit on stablecoin transactions like USDT and USDC. Attorneys monitoring the new EU legislation have expressed concerns that this limit might hinder crypto adoption. The new norms have prompted adjustments from businesses and governments, with France modifying its crypto licensing scheme in August to align with MiCA.

Moreover, Binance CEO Changpeng Zhao responded to the developments on X, expressing his optimism and preparedness for MiCA. He emphasized the launch of EUR and other stablecoins in compliance with the new laws, highlighting the bright future for law-abiding European companies.

The MiCA legislation has also catalyzed change in the crypto landscape, prompting companies and governments to revisit their policies and align with the new regulatory environment. The emphasis on compliance and regulation is evident, with Binance leading the way in adapting to the evolving landscape.

Significantly, the dialogue between Binance and the EBA illustrates the ongoing collaboration and negotiation between crypto exchanges and regulatory bodies. This interaction is crucial for developing a balanced and sustainable European crypto ecosystem.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

文章来源于互联网:Binance plans European stablecoin delist by June 2024 amid new laws

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年9月22日 15:57
Next 2023年9月22日 17:26

Related articles

  • European crypto exchange WhiteBit expands operations to Nigeria, aiming to foster blockchain adoption

    TL;DR Breakdown European cryptocurrency exchange WhiteBIT has launched operations in Nigeria to tap into the country’s demand for blockchain technology and foster its position as a hub for finance and blockchain advancements. WhiteBIT’s expansion provides opportunities for Nigerians to access the global crypto market and contribute to the growth of the cryptocurrency community. The exchange, known for its security measures and user-friendly trading tools, seeks to promote blockchain adoption in Nigeria and leverage its potential as a finance and blockchain technology center. European cryptocurrency exchange, WhiteBIT, has made a significant move by launching its operations in Nigeria, recognizing the country’s robust demand for blockchain technology and its potential to become a thriving hub for finance and blockchain advancements. The expansion into the Nigerian market marks a milestone for WhiteBIT as it seeks to enable Nigerians to access the global crypto market and contribute to the growth of the cryptocurrency community. Driving blockchain adoption and empowering users Volodymyr Nosov, the CEO of WhiteBIT, emphasized the company’s mission to achieve mass adoption of blockchain technology and increase the cryptocurrency community worldwide. In…

    Article 2023年6月9日

  • XRP faces centralization claims following its court success

    TL;DR Breakdown Blockchain experts have once again leveled claims of centralization against XRP following its court success against the SEC. Ripple explains the token’s role in the crypto sector. Description Last week’s partial court victory for Ripple Labs against the U.S. Securities and Exchange Commission (SEC) provided a sense of relief for the XRP Ledger project, which has long been under a regulatory cloud. However, criticisms from blockchain purists persist, claiming that XRPL’s technological design makes it too centralized compared to other blockchains. Experts argue … Read more Last week’s partial court victory for Ripple Labs against the U.S. Securities and Exchange Commission (SEC) provided a sense of relief for the XRP Ledger project, which has long been under a regulatory cloud. However, criticisms from blockchain purists persist, claiming that XRPL’s technological design makes it too centralized compared to other blockchains. Experts argue about XRPL’s design Derived from Bitcoin but based on early 2000s concepts, XRPL operates with a trade-off that allows a smaller group of “validators” or key operators to control its central transaction-processing mechanism. This centralization grants benefits…

    Article 2023年7月21日

  • Optimism rebrands to OP Mainnet , marking a milestone in Ethereum’s scalability efforts

    TL;DR Breakdown Optimism, a Layer 2 network for scaling Ethereum applications, has rebranded as OP Mainnet, aiming to create a “superchain” network of Layer 2 blockchains. OP Mainnet utilizes Optimistic Rollups for faster and cheaper transaction processing, addressing Ethereum’s scalability concerns. While facing competition from Arbitrum, OP Mainnet retains an advantage in development activity but lags in daily active addresses and total value locked (TVL). The integration with Coinbase’s Base chain holds potential for OP Mainnet’s growth. Description Optimism, the Layer 2 network known for enhancing Ethereum applications through Optimistic Rollups, has significantly rebranded. The project has officially changed its name to OP Mainnet, symbolizing its ambitious goal of creating a “superchain” network comprised of multiple Layer 2 blockchains. The decision to adopt the new name was announced by the Optimism Foundation, which … Read more Optimism, the Layer 2 network known for enhancing Ethereum applications through Optimistic Rollups, has significantly rebranded. The project has officially changed its name to OP Mainnet, symbolizing its ambitious goal of creating a “superchain” network comprised of multiple Layer 2 blockchains. The decision to…

    Article 2023年6月27日

  • Gemini CEO Criticizes Grayscale Bitcoin Trust as a “Toxic Product,” 

    TL;DR Breakdown Gemini CEO, Cameron Winklevoss, criticizes the Grayscale Bitcoin Trust, labeling it a “toxic product” due to trading discounts and high fees. Winklevoss urges the SEC to reconsider its denial of Gemini’s spot Bitcoin ETF application and emphasizes the need for more accessible and regulated investment options. Description Cameron Winklevoss, CEO of Gemini, a prominent cryptocurrency exchange, recently took to Twitter to express his frustration with the US Securities and Exchange Commission (SEC) regarding the rejection of Gemini’s application for a spot Bitcoin Exchange-Traded Fund (ETF). In a series of tweets, Winklevoss referred to the Grayscale Bitcoin Trust (GBTC), a popular investment vehicle, … Read more Cameron Winklevoss, CEO of Gemini, a prominent cryptocurrency exchange, recently took to Twitter to express his frustration with the US Securities and Exchange Commission (SEC) regarding the rejection of Gemini’s application for a spot Bitcoin Exchange-Traded Fund (ETF). In a series of tweets, Winklevoss referred to the Grayscale Bitcoin Trust (GBTC), a popular investment vehicle, as a “toxic product.” He criticized the SEC’s decision, arguing that it has deprived US investors of the…

    Article 2023年7月5日

  • FTX scandal exposed: Misuse of customer deposits revealed in second investigative report

    TL;DR Breakdown FTX, a once reputable crypto exchange, is embroiled in a scandal involving the misuse of customer deposits for personal gain. The investigative report reveals that FTX commingled customer funds with corporate funds, resulting in the misappropriation of approximately $8.7 billion owed to customers. Former FTX executives deliberately concealed their actions, making it challenging to trace the misappropriated assets. Description FTX, once hailed as a customer-focused leader in the digital age, is now under intense scrutiny following the release of a damning investigative report by FTX debtors. The report uncovers shocking revelations of the commingling and misuse of customer deposits at the now-defunct crypto exchange. The former senior executives at FTX Group are accused of … Read more FTX, once hailed as a customer-focused leader in the digital age, is now under intense scrutiny following the release of a damning investigative report by FTX debtors. The report uncovers shocking revelations of the commingling and misuse of customer deposits at the now-defunct crypto exchange. The former senior executives at FTX Group are accused of deliberately misusing customer funds for personal…

    Article 2023年6月29日
TOP