USDC Acquires MiCA Compliance; Impact on Binance Accounts
USDC is now MiCA-compliant, the first major EEA-regulated stablecoin.
USDC is accessible in most Binance products.
Binance announced how USDC's MiCA compliance may affect users' accounts.
Circle announced on July 1 that it was allowed to issue USDC as a MiCA-compliant EMT. USDC is currently the first significant EEA-regulated stablecoin.
Effects on Binance accounts
Binance said that USDC would remain accessible across majority of its products, including:
Convert
USDC may be bought and sold on Convert, as can other stablecoins.
Earn
USDC Subscriptions on Simple Earn, Cloud Mining, and Web3 Wallet Earn, including Auto-Subscribe, persist.
VIP and Binance Loans
USDC loan applications and stablecoin collateral for items are still accessible.
Rewards/Commission for Referrals
Most platform prizes will be converted to USDC, unless as stated in the campaign's terms and conditions. Spot and Margin referral commissions and rebates will be paid in USDC.
Fiat Buy Crypto
The âBuy Cryptoâ tab allows fiat and credit card USDC purchases.
All recurring purchase plans from local fiat currencies to non-regulated stablecoins will immediately switch to USDC.
Margin
USDC may be sent to the Margin Wallet as margin collateral.
Cross margin, Isolated Margin, and Cross margin Pro products provide USDC borrowing.
P2P Trade
Binance said P2P USDC trading is still active.
The exchange also announced that all stablecoins would continue spot trading after July 1.
Unauthorized stablecoins on Binance
The crypto exchange said : Unauthorized Stablecoins are handled as previously announced. There will be no forced conversions.
Binance made all the new stablecoin regulations material available last month.
The exchange's Head of CEE and CIS addressed the topic at Binance Campus, ending MiCA-related delisting speculations.
Binance invites users to watch for USDC promotions and product releases.