{"id":166955,"date":"2024-06-03T17:37:12","date_gmt":"2024-06-03T17:37:12","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=166955"},"modified":"2024-06-03T17:48:23","modified_gmt":"2024-06-03T17:48:23","slug":"binance-aligns-with-eu-mica-standards","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/binance-aligns-with-eu-mica-standards\/","title":{"rendered":"Binance Aligns with EU MiCA Standards: New Stablecoin Rules Effective June 30"},"content":{"rendered":"<p style=\"text-align: justify\"><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">TL;DR<\/span><\/span><\/strong><\/p>\n<ul style=\"text-align: justify\">\n<li><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Binance will restrict the use of unauthorized stablecoins in the EEA starting June 30.<\/span><\/span><\/li>\n<li><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Users will be able to sell, but not buy, these unregulated stablecoins on certain Binance platforms.<\/span><\/span><\/li>\n<li><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">The new MiCA regulations set strict rules for the issuance and management of stablecoins in the EU.<\/span><\/span><\/li>\n<\/ul>\n<hr \/>\n<p style=\"text-align: justify\"><strong><a href=\"https:\/\/crypto-economy.com\/binance-exchange-review-complete-guide\/\" target=\"_blank\" rel=\"noopener\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Binance,<\/span><\/span><\/a><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> one of the world&#8217;s leading cryptocurrency exchange platforms,<\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> has announced that it will implement new restrictions on the use of unauthorized stablecoins for users in the European Economic Area<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> (EEA) starting<\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> June 30, 2024.<\/span><\/span><\/strong><\/p>\n<p><!--more--><\/p>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">This <\/span><\/span><a href=\"https:\/\/www.binance.com\/en\/support\/announcement\/mica-stablecoin-rules-implementation-announcement-884c621e335540e0add5fdce31597121\" target=\"_blank\" rel=\"noopener\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">measure<\/span><\/span><\/a><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> is due to the recent approval of <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">the MiCA (Markets in Crypto-Assets) regulations<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> by the European Parliament, which establish strict rules for the creation and management of stablecoins in the region.<\/span><\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">These regulations seek to ensure<\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">\u00a0that only regulated companies<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> can issue and offer <\/span><\/span><a href=\"https:\/\/crypto-economy.com\/stablecoins\/\" target=\"_blank\" rel=\"noopener\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">stablecoins<\/span><\/span><\/a><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> to the public.<\/span><\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">As a result, some existing stablecoins will not meet these new requirements and will be categorized as <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">\u201cunauthorized stablecoins<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">.\u201d<\/span><\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">To adapt to these new rules, <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Binance<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> has decided not to remove unauthorized stablecoins from its <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">spot trading platform<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">, but will limit their availability in certain products.<\/span><\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">I just wanted to take a moment to address one of the bigger questions raised about our strategy for the upcoming MiCA stablecoin rules. <\/p>\n<p>Please be assured that Binance won&#39;t delist any unauthorized stablecoins on spot but will limit their availability for EEA users only on\u2026<\/p>\n<p>&mdash; Richard Teng (@_RichardTeng) <a href=\"https:\/\/twitter.com\/_RichardTeng\/status\/1797671401245053423?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">June 3, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Starting <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">June 30,<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> users in the <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">EEA<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> will only be able to sell these stablecoins through <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Binance Convert<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">, exchanging them for other digital assets, regulated stablecoins, or fiat currencies, depending on availability in their jurisdiction.<\/span><\/span><\/p>\n<p style=\"text-align: justify\"><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">The purchase of unauthorized stablecoins<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> through this feature will be prohibited.<\/span><\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Additionally, Binance will keep spot trading pairs with unauthorized stablecoins available until further notice.<\/span><\/span><\/p>\n<p style=\"text-align: justify\"><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Custody and wallet services for these stablecoins will continue,<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> allowing <\/span><span style=\"vertical-align: inherit\">users to withdraw or deposit these assets into their <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Binance wallets.<\/span><\/span><\/strong><\/p>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">However, the platform will apply <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">general restrictions on other products<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">, preventing users from accessing new offers that involve unauthorized stablecoins.<\/span><\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter size-full wp-image-85082\" src=\"https:\/\/crypto-economy.com\/es\/\/wp-content\/uploads\/sites\/4\/2024\/06\/Binance.jpg\" alt=\"Binance Aligns with EU MiCA Standards\" width=\"825\" height=\"300\" \/><\/p>\n<h2><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Impact of new regulations on Binance products<\/span><\/span><\/h2>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Rewards offered on the platform, including those in the <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Rewards, Campaigns and Referral Center<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">, will be modified to use regulated stablecoins, BNB or other non-stablecoin-based tokens.<\/span><\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Users will be able to claim existing coupons with unauthorized stablecoins until their expiration date.<\/span><\/span><\/p>\n<p style=\"text-align: justify\"><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">The Spot Copy Trading<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> service will cease <\/span><span style=\"vertical-align: inherit\">for EEA users on June 29, and open positions will be closed at the market price.<\/span><\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Margin loans using unauthorized stablecoins will not be immediately affected, but users are advised to close these loans and seek collateral alternatives.<\/span><\/span><\/p>\n<p style=\"text-align: justify\"><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Simple Earn and Auto-Invest products will also be affected.<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> New subscriptions involving unauthorized stablecoins will be blocked, although existing subscriptions will continue until further notice.<\/span><\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Investments in Auto-Invest that involve the purchase of unauthorized stablecoins will no longer be available.<\/span><\/span><\/p>\n<p style=\"text-align: justify\"><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Binance Pay and other payment services will see significant restrictions.<\/span><\/span><\/strong><\/p>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">EEA users will not be able to send or receive unauthorized stablecoins, and Send Cash transactions involving these stablecoins will be blocked.<\/span><\/span><\/p>\n<p style=\"text-align: justify\"><a href=\"https:\/\/crypto-economy.com\/nft-lending\/\" target=\"_blank\" rel=\"noopener\"><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">NFT<\/span><\/span><\/strong><\/a><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> purchases <\/span><span style=\"vertical-align: inherit\">and cloud mining subscriptions will also be limited.<\/span><\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">However, <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">these regulations raise questions<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> about the future of decentralization in the world of cryptocurrencies. Cryptocurrencies were born as an alternative to the traditional financial system, seeking to offer a decentralized ecosystem free of centralized control.<\/span><\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Regulations like MiCA, can undermine <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">the fundamental principles of decentralization.<\/span><\/span><\/strong><\/p>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">By imposing strict and centralized requirements, <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">there is a risk of turning cryptocurrencies into a mere extension of the traditional financial system,<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> losing the advantages of autonomy and lack of intermediaries.<\/span><\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Decentralization advocates argue that these regulations could curb the innovation and financial freedom that cryptocurrencies promise.<\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>TL;DR Binance will restrict the use of unauthorized stablecoins in the EEA starting June 30. Users will be able to sell, but not buy, these unregulated stablecoins on certain Binance platforms. The new MiCA regulations set strict rules for the issuance and management of stablecoins in the EU. Binance, one of the world&#8217;s leading cryptocurrency &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Binance Aligns with EU MiCA Standards: New Stablecoin Rules Effective June 30\" class=\"read-more button\" href=\"https:\/\/crypto-economy.com\/binance-aligns-with-eu-mica-standards\/#more-166955\" aria-label=\"More on Binance Aligns with EU MiCA Standards: New Stablecoin Rules Effective June 30\">Read more<\/a><\/p>\n","protected":false},"author":33,"featured_media":166957,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[102,84,74],"tags":[4601,4620,5536,4656,5001],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/166955"}],"collection":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=166955"}],"version-history":[{"count":3,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/166955\/revisions"}],"predecessor-version":[{"id":166960,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/166955\/revisions\/166960"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/166957"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=166955"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=166955"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=166955"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}