Cryptocurrency exchange Binance has announced its plan to delist all stablecoins for the European market by June 30, 2024, citing non-compliance with the upcoming Markets in Crypto Assets (MiCA) law. The head of legal at Binance France, Marina Parthuisot, revealed this move during a public hearing with the European Banking Authority (EBA) on Thursday.
The MiCA regulation, a landmark crypto law passed earlier this year, is set to create a legal framework for stablecoins and is expected to come into force next year. However, no stablecoin project has yet received approval under the MiCA rules. Parthuisot warned that this could significantly impact the European market compared to other regions globally.
Elizabeth Noble, a team leader for MiCA at the EBA, responded to Parthuisot's comments by stating that there would be no transitional arrangement for these types of tokens. "The rules will apply from the end of June next year," she said on Thursday.
Binance CEO CZ responded to the news, suggesting that the situation might not be as clear-cut as it seems. He indicated that several partners are working on launching Euro (EUR) and other stablecoins in fully compliant manners. However, further information on these partnerships and their progress was not provided.
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