Starting December 13, 2024, Coinbase will restrict European users from trading certain stablecoins that do not comply with EU MiCA regulations. Coinbase is restricting European users from trading specific stablecoins starting today. Affected stablecoins include Tether USDT, GUSD, GYEN, DAI, PAX, and PYUSD.
USDC remains available for trading on the platform. This decision aligns with MiCA regulation enforcement, aiming to provide a comprehensive regulatory framework for cryptocurrencies in the EU. The move follows global scrutiny of memecoin scams, leading regulators in the U.S., EU, and Hong Kong to ramp up enforcement.
Including fines and fraud charges against influencers involved in promoting fraudulent projects. High-profile cases, such as Kim Kardashian’s $1.26 million fine, highlight regulatory priorities in the cryptocurrency space. Coinbase’s decision is a significant step in tightening the EU’s cryptocurrency market regulation.
MiCA aims to increase market transparency and security. European merchants and stablecoin issuers may need to comply with new regulations, impacting their strategies. This move emphasizes the importance of regulatory compliance for a long-term reliable and sustainable market environment.
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