Restriction Statement from Binance for Some Coins: Deadline Given!

Binance, the world's largest cryptocurrency exchange, published a new announcement within the scope of MiCA stablecoin rules.

In the announcement made on its official website on June 3, Binance announced that it will comply with the stablecoin rules of MiCA, which is considered a milestone in the regulation of the European Union's cryptocurrency industry.

Stating that the MiCA stablecoin rules will come into force in the European Economic Area (EEA) as of June 30, Binance said that investors in this region will be affected.

It was stated that within the framework of the new rules, which are expected to have a major impact on the stablecoin market, only certain licensed companies will be able to offer stablecoins to the public. Binance stated that some stablecoins may not fall within this scope and may be subject to restrictions. The stablecoins in question will be described as "disallowed stablecoins".

In this context, the exchange announced that it will make changes to allow users in the EEA to switch to licensed stablecoins to comply with stablecoin rules.

Binance said that as of June 30, unauthorized stablecoins can only be sold through its “convert” platform. Stating that there is no problem for spot transactions until further notice, Binance stated that the custody service for unauthorized stablecoins will continue.

Many transactions such as Copy Trade, Launchpool, Earn will not be possible with the relevant stablecoins. It has been said that currently termed services such as margin, staking and credit transactions can continue until the end of the period.

Those restrictions will cover EEA investments.