In line with the implementation of the European Union’s digital asset legislation (MiCA), Binance has committed to discontinuing the use of stablecoins by June 2024.
Binance France’s legal department head has stated that this decision to delist fiat-backed digital currencies will be enforced if their issuers do not register in the EU according to MiCA regulations.
This move could greatly impact European users of the exchange. The new regulatory framework for fiat-backed digital assets is set to go into effect by the end of June next year.
Binance hopes that stablecoin developers will register within the eurozone by then in order to comply with local regulations.
Failure to do so could result in Binance delisting the tokens, which could slow down the adoption of cryptocurrencies in the European market.
