Binance has discounted spot trading of pairs with USDt Tether in the European Economic Area (EEA) as a part of efforts to comply with the Markets in Crypto-Assets Regulation (MiCA).
According to media reports, the mentioned cryptocurrency exchange has delisted spot trading pairs with several non-MiCA-compliant tokens in the EEA in line with a plan disclosed last month.
While spot trading pairs in tokens such as USDt have now been delisted on Binance, users in the EEA can still custody the affected tokens and trade them under perpetual contracts.
The previous announcement by Binance stipulated that the spot trading pairs for non-MiCA-compliant tokens were to be delisted by March 31. This decision is in line with a local requirement to delist such tokens by the end of the first quarter of the current year.
It is worth noting that Binance is not the only cryptocurrency exchange that delists non-MiCA-compliant tokens for spot trading in the EEA. Other exchanges, such as Kraken, delisted spot trading pairs in tokens such as USDT in the mentioned area after announcing corresponding plans in February.
According to a message posted on the Kraken website, on March 24, this cryptocurrency exchange restricted USDT for sell-only mode in the EEA. The platform of the mentioned company no longer allows its users from the mentioned area to buy the affected tokens.
Among other non-MiCA-compliant tokens, Binance has also delisted spot trading pairs for Dai, First Digital USD, TrueUSD, Pax Dollar, Anchored Euro (AEUR), TerraUSD (UST), TerraClassicUSD and PAX Gold. Kraken delisted in the EEA five tokens, including USDT, PayPal USD, Tether EURt (EURT), TrueUSD, and TerraClassicUSD.
Last month, the European Securities and Markets Authority (ESMA) spokesperson stated during a conversation with media representatives that custody and transfer services for non-MiCA compliant stablecoins are not a violation of the new European laws on cryptocurrencies. However, it is worth noting separately that the same regulator recommended that local crypto asset service providers halt all transactions involving the use of affected tokens after March 31.
As we have reported earlier, MGX Pledges to Invest $2 Billion in Binance.
