Details on how Binance is following the new MiCA stablecoin rules .
The new rules will come into effect across the European Economic Area (EEA) on June 30, 2024.
Stablecoins will be regulated in the EEA, which means in practice that only certain regulated companies will be able to issue and offer to the public stablecoins (those stablecoins will be âRegulated Stablecoinsâ).
Existing stablecoins that may not fall into this category will therefore be subject to certain restrictions and will be categorized as
âUnauthorized Stablecoins.âinance will restrict the availability of Unauthorized Stablecoins for EEA users across its product offerings.
Convert functions for Unauthorized Stablecoins will be maintained in a âsell-onlyâ mode.
Spot trading pairs with Unauthorized Stablecoins will remain available until further notice.
Custody and wallet services of Unauthorized Stablecoins will continue.
Rewards across the platform will be changed to Regulated Stablecoins, BNB or other non-stablecoin tokens.
New borrowings of Unauthorized Stablecoins will be blocked in Margin.
New subscriptions, including Auto-Subscribe feature, involving Unauthorized Stablecoins will be blocked in Simple Earn Flexible and Locked Products.
New Loan subscription and new incremental collateral involving Unauthorized Stablecoins will be blocked in Binance Loans & VIP Loans.
New Auto-Invest subscriptions with Unauthorized Stablecoins will be blocked. New subscriptions of Dual Investment products with Unauthorized Stablecoins will be blocked before 2024-06-29 (UTC+3).
New subscriptions involving Unauthorized Stablecoins will be blocked in Cloud Mining before 2024-06-29 (UTC+3).
EEA users will not be able to send or receive any Unauthorized Stablecoins in Binance Pay.
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