Binance is making some big moves in the EU, and if you’re trading there, you better pay attention.
They’re kicking out all non-compliant stablecoins by March 31. That means USDT, FDUSD, TUSD, USDP, DAI, AEUR, UST, USTC, and PAXG are all getting the boot.
Why? Because they don’t meet the MiCA regulation standards, that’s why.
USDC LFG
Now, you might be thinking, this is the big deal? Well, Binance is pushing Circle’s USDC as the compliant choice.
It’s got proof of bank reserves, so it’s good to go. But USDT and those algorithmic tokens? Not so much. They might have reserves in T-bills, but that’s not enough for the EU regulators.
Binance is also axing derivative products and spot pairs for local traders. You’ll need to convert those tokens in your Margin accounts to compliant stablecoins by March 27.
And let me tell you, it’s not just about converting, it’s about adapting. They’re urging users to switch to USDC or the new kid on the block, EURI.
This stablecoin is backed by Binance itself, and it’s about to get a lot more popular.
Domination?
But here’s the thing, this move is going to make USDC even more dominant. It’s already on a roll, and now it’s going to be the go-to stablecoin for European traders.
And the thing is, USDT still rules the stablecoin market with over 70%, but USDC is closing in. And if you’re holding onto those non-compliant coins, you better act fast.
Binance will still let you deposit and withdraw them, but you won’t be able to trade them.
Make or break
So, what does this mean for the average European user or investor? Well, if you’re trading in the European Union, you need to get compliant, so it’s time to switch to USDC or EURI. And if you’re not, well, you might want to consider it.
After all, in the world of crypto, you’ve got to stay ahead of the game. You’re either in, or you’re out, and right now, Binance is drawing the line.
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Disclosure:This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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