Crypto exchange Binance will prohibit European users from trading with stablecoins that don’t comply with the Markets in Crypto-Assets (MiCA) regulations.
Binance notified users in the European Economic Area (EEA) that it’ll restrict the use of stablecoins USDT, FDUSD, TUSD, USDP, DAI, AEUR, UST, USTC, and PAXG. Trading of these assets will be fully discontinued on March 31, 2025, as they don’t meet MiCA requirements.
All trading pairs involving these stablecoins will be removed. However, trading pairs with MiCA-compliant stablecoins such as USDC and EURI, as well as fiat trading pairs, will remain unaffected.
After the removal of these trading pairs, users will still be able to hold USDT and other restricted stablecoins, but exchanging them will only be possible through Binance Convert. Binance recommends converting all non-compliant stablecoins to USDC, EURI, or EUR in advance.
On March 31, Binance will also disable trading bots associated with restricted assets. Users are advised to manually cancel any active orders that may be affected.
Moreover, starting from March 27, Binance will automatically convert restricted stablecoins held in margin accounts into USDC.
To ease the transition, Binance announced several promotional offers for European users:
- zero trading fees for certain USDC pairs;
- bonus promotions with a $1 million USDC prize pool;
- flexible deposits with up to 15% APY on USDC and up to 8.7% APY on EURI.
15 stablecoins from ten issuing companies were approved under MiCA in the EU, ten pegged to the euro and five to the U.S. dollar.
