Setting the deadline for crypto companies to comply with “MiCa” laws and regulations
The European Union's Markets in Cryptoassets (MiCA) regulation will come into effect on June 30, prompting many cryptocurrency exchanges to take precautionary measures, such as removing stablecoin offerings.
Changes in cryptocurrency companies:
Binance, which is the largest cryptocurrency exchange by trading volume, said it is preparing for the new regulatory framework, telling that it will significantly impact the stablecoin market in the European Economic Area (EEA).
At least four exchanges have restricted access to some stablecoins within the European Economic Area, including Bitstamp, which on Wednesday announced the delisting of its euro-denominated stablecoin, EURT, ahead of a June 30 deadline.
Also, Binance has blocked access to some services and will impose further restrictions on unauthorized stablecoin purchases and margin trading transfers.
Uphold also announced the deletion of six stablecoins, including USDT, for European users, but will continue to support USDC, EURC, and PYUSD.
A recent report stated that only 9% of cryptocurrency companies, out of 68 companies surveyed, are fully compliant with MiCA requirements, while 25% of them have not yet begun preparations, but are obligated to adhere to the regulations before the end of this year 2024.
#IntroToCopytrading #BinanceTournament" #Binance #bitcoin #nft
