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Bye Bye Europe: As Binance’s Official Stopped Its USDT Trading in the EEA Region
Binance has officially stopped spot trading pairs for USDT and eight other stablecoins in the European Economic Area (EEA), a move that aligns with the Markets in Crypto-Assets Regulation (MiCA). This sudden withdrawal of USDT from Europe has sparked mixed reactions within the cryptocurrency market.
The exchange’s decision is seen as a result of its efforts to comply with the new set of rules designed to regulate digital assets in the region. This delisting of USDT and other stablecoins, including Dai (DAI), First Digital USD (FDUSD), TrueUSD (TUSD), Pax Dollar (USDP), Anchored Euro (AEUR), TerraUSD (UST), TerraClassicUSD (USTC), and PAX Gold, has set a new precedent in the cryptocurrency market.
In addition to the delisting of these stablecoins, Binance’s users have been advised to convert their holdings into MiCA-approved stablecoins like USDC or Eurite (EURI). Fiat trading options such as the euro are also available as alternatives. This sudden shift may cause uncertainty among investors and has significant implications for market liquidity in Europe.
The cryptocurrency space is already witnessing a massive shift, with other exchanges following Binance’s footsteps. Kraken, another major cryptocurrency exchange, had previously delisted USDT and other stablecoins in February to comply with MiCA regulations. Coinbase, on the other hand, had taken a proactive approach by delisting USDT earlier this year, anticipating the impact of these new regulations.
While some exchanges continue to trade the token, awaiting further regulatory updates, the uncertainty around alternative stablecoins has raised concerns among investors about their reliability and ability to meet the same level of stability as USDT.
Source: https://coinpedia.org/news/bye-bye-europe-as-binances-official-stopped-its-usdt-trading-in-the-eea-region/
