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The European Union’s Markets in Crypto-Assets (MiCA) framework will enforce new rules regarding stablecoin beginning on June 30, 2024. Binance has announced changes they will be making to ensure alignment with new regulations.
Beginning in July, the European Economic Area (EEA) will regulate stablecoins, meaning only authorized companies will be able to offer stablecoins to customers. These “Regulated Stablecoins” will not have the same restrictions as “unauthorized stablecoins” that carry over from the period before EEA regulations.
Binance has announced steps that will be taken to help consumers transition over to regulated stablecoins and ensure they are operating within the guidelines of the MiCA rules. Starting on June 30, Binance will offer a convert function for unauthorized stablecoins on a sell only basis, meaning EEA users can sell their unauthorized stablecoins for other digital currencies, including regulated stablecoins.
