Binance, which is the biggest cryptocurrency exchange in the globe, with regards to volume of trades; has recently placed restrictions on some stablecoins in the European Union. These restricted stablecoins will no longer be available in compliance with the Markets in Crypto-Asset Regulation (MiCA) that is coming up.
Binance made this decision as a reaction to the Markets in Crypto-Assets Regulation (MiCA) which is coming up. The objective of this upcoming regulation is to put in place improved regulations on stablecoins in the European Union.
It was mentioned that based on these upcoming MiCA regulations, stablecoins that will be available; will only be those that are provided by companies that are regulated. As a result, many current stablecoins may be restricted, as they don't meet the requirements.
Customers who are presently holding stablecoins that are unauthorized may change those stablecoins to Ethereum, Bitcoin, fiat currency, or any other stablecoin that is regulated. From the 30th of June 2024, acquiring stablecoins that are unauthorized will be halted in Europe.
Binance is really not doing something that needs to be done actually well. They will still stand strong
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