A Binance executive said the cryptocurrency exchange plans to delist stablecoin in the European market by June 2024 in order to comply with standards laid out by MiCA.
An executive at the cryptocurrency exchange Binance said in a public hearing with the European Banking Authority (EBA) that it plans to delist stablecoins for the European market by June 2024.
Marina Parthuisot, the head of legal at Binance France, said that since no project has yet to receive approval, “we are heading to a delisting of all stablecoins in Europe on June 30.”
“This could have a significant impact on the market in Europe compared to the rest of the world.”
These comments follow the passing of Europe’s landmark crypto regulation, the Markets in Crypto Assets (MiCA) law, which happened earlier this year in June. Within legislation provisions for stablecoins are to come into effect a year later in June 2024.
Elizabeth Noble, a team leader for MiCA at the EBA, responded to Parthuisot saying: “There is no transitional arrangement for these types of [stablecoin] tokens. The rules will apply from the end of June next year.”
Cointelegraph has reached out to Binance for further comment on its anticipated action.
This is a developing story, and further information will be added as it becomes available.
Related: 9 key steps for ensuring compliance with incoming MiCA regulations
Read More from Savannah Fortis on cointelegraph.com