Stablecoin

Launchpool

Spot

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Binance’s Head of CEE and CIS, Kyrylo Khomiakov, clarified rumors about potential stablecoins delisting.</li> 
 <li>He addressed the subject at Binance Campus, explaining what the new MiCA rules actually mean for stablecoins at Binance.</li> 
</ul> 
Binance was surrounded by multiple false reports claiming that the exchange would delist stablecoins due to new MiCA regulations. 
Such reports flooded the media in <a href="https://www.coindesk.com/policy/2023/09/21/binance-warns-of-multiple-stablecoin-delisting-as-lawyers-puzzle-over-eus-mica/" rel="nofollow noopener" target="_blank">2023</a> and <a href="https://financefeeds.com/binance-may-ban-tether-and-other-stablecoins-in-europe/" rel="nofollow noopener" target="_blank">this year</a> as well, and the exchange has just addressed the matter, explaining what will happen with stablecoins in light of MiCA new rules. 
<h2 id="binance-s-head-of-cee-and-cis-clarifies-the-stablecoins-delisting-rumors">Binance’s Head of CEE and CIS clarifies the “stablecoins delisting” rumors</h2> 
The <a href="https://crypto.ro/">Crypto.ro</a> team is present at Binance Campus, where Kyrylo Khomiakov has just addressed the important matter that has been in the media for a while, regarding a potential ban/delisting of stablecoins. 
Binance promoted Kyrylo Khomiakov, its central and Eastern Europe (CEE) General Manager to Head of CEE and CIS. In this role, he works to enhance Binance’s product delivery growth, education initiatives, fiat channel development, and user experience. 
Khomiakov brought up the matter regarding a “potential stablecoin ban”, beginning his discourse by saying that this has been plaguing the media for a while now, and it’s time to address the matter. 
He said that the media got it completely wrong, with some saying that Binance will delist stablecoins completely and others claiming that this will happen only for European users. 
Khomiakov clarified the situation, saying that this is not the case. He continued and said that indeed, MiCA is taking place soon, and starting July 1, there will be new rules for stablecoins. 
<h2 id="what-mica-new-rules-mean-for-stablecoins-at-binance">What MiCA new rules mean for stablecoins at Binance</h2> 
Binance will maintain operations for stablecoins that get the MiCA license, Khomiakov said. He made it very clear that for Spot trading, stablecoins can stay. 
However, there will be no futures or margin products in stablecoins and rewards will not be paid in stablecoins, unless they are fully compliant with MiCA. 
For now, he said that stablecoins remain in place for all users, until the end of the year or until further notice. But, eventually, only stablecoins that have MiCA licenses will become available for European users. 
He continued and said that most of the stablecoins would require this license, highlighting that this is both good and bad news. The good news is the fact that the move will open the door to new stablecoins. 
Binance also addressed the issue via their X account,<a href="https://x.com/binance/status/1797666731625767340" rel="nofollow" target="_blank"> writing</a> that under the upcoming MiCA rules, some stablecoins will be facing restrictions as unauthorized stablecoins. 
The exchange also highlighted that they will not delist any unauthorized stablecoins on Spot, but will limit their availability on products such as Launchpool and Earn, proposing alternatives with regulated stablecoins. 
<a href="https://www.binance.com/en-ZA/square/post/8981395117009" rel="nofollow noopener" target="_blank"><img decoding="async" class="alignnone" src="https://public.bnbstatic.com/image/cms/crawler/COINFOMANIA_NEWS/Binance2.jpg" alt="Binance2" width="680" height="403" title="Binance's Head Of CEE &amp; CIS Clarifies Stablecoins Ban Rumors At Binance Campus 5"></a> 
Binance also shared an official <a href="https://www.binance.com/en/blog/regulation/mica-stablecoin-rules-what-they-mean-and-how-binance-is-complying-346008117703109809?lang=en" rel="nofollow noopener" target="_blank">blog post</a> in which the exchange explains in detail the upcoming changes for stablecoins. 
<h2 id="stablecoin-rules-under-mica">Stablecoin rules under MiCA</h2> 
Binance’s official blog post reveals that from June 30, 2024, <a href="https://eur-lex.europa.eu/legal-content/EN/LSU/?uri=CELEX:32023R1114" rel="nofollow noopener" target="_blank">MiCA</a> requires that certain stablecoins activities be undertaken only by electronic money institutions (EMIs) and credit institutions (banks). 
In the EEA, only EMIs and banks will be able to have the following activities: 
<ul> 
 <li>issue/mint stablecoins</li> 
 <li>communicate offers to encourage the purchase of stablecoins</li> 
 <li>ask trading platforms to list their stablecoins</li> 
</ul> 
<h2 id="official-measures-to-be-implemented-by-binance">Official measures to be implemented by Binance</h2> 
Starting June 30, Binance will implement the following measures: 
General Product restrictions&nbsp; 
Binance will implement product restrictions across the entire product offering. These are set to prevent users from entering into new products or service offerings involving Unauthorized Stablecoins. 
Binance Convert 
Convert functions for Unauthorized Stablecoins will be maintained in a “sell only” mode. In other words, EEA users will be able to sell Unauthorized Stablecoins for the following: 
<ul> 
 <li>other digital assets (such as BTC or ETH)</li> 
 <li>regulated stablecoins</li> 
 <li>fiat currencies (depending on the availability of fiat channels in your jurisdiction)</li> 
</ul> 
Buying Unauthorized Stablecoins will not be possible from June 30. 
Spot Trading 
Spot trading pairs with Unauthorized Stablecoins will remain available until further notice, just like Khomiakov mentioned. During the interim period, crypto trading pairs with Unauthorized Stablecoins will coexist with trading pairs with Regulated Stablecoins. 
Wallet 
Custody and wallet services of Unauthorized Stablecoins will continue, and users will be able to withdraw or deposit stablecoins from or to their Binance Wallet. 
In conclusion, <a href="https://crypto.ro/en/news/binance-to-delist-omg-waves-wnxm-xem-on-june-17/">Binance</a> is taking this approach to comply with MiCA requirements while at the same time, avoiding market disruption. According to the exchange, the transitional approach was designed to minimize any potential harmful impacts to the EEA and the global crypto market.

Binance’s Head Of CEE & CIS Clarifies Stablecoins Ban Rumors At Binance Campus

Table of Contents

crypto.ro global

Other articles published on Jun 4, 2024

Floki Inu Announces DWF Labs Will Purchase $12 Million FLOKI Tokens

New ProShares Ethereum ETFs Launched With Targeting 2x and -2x Daily Ether Returns

Key altcoins for the next bull run: SOL, PEPE, Rebel Satoshi Arcade

Dogecoin Social Sentiment Turns Bearish And Drops To March Levels, What This Means For Price

Coinbase Files New Document Claiming SEC’s Actions Aimed At Crushing Crypto

Ethereum Price Analysis: Can Bulls Push Price to $5,000 on the RWA Narrative?

Join our free newsletter for daily crypto updates!