Coinbase to Delist Non-MiCA Compliant Stablecoins, Including USDT
Coinbase, the world’s second-largest cryptocurrency exchange by trading volume, announced it will delist all stablecoins that do not meet the MiCA regulations set by European authorities. Among those at risk is USDT, the leading stablecoin issued by Tether Holdings Ltd.
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Coinbase, the world’s second-largest cryptocurrency exchange by trading volume, announced it will delist all stablecoins that do not meet the MiCA regulations set by European authorities. Among those at risk is USDT, the leading stablecoin issued by Tether Holdings Ltd.
The decision is limited to Coinbase's activities within the European Economic Area and will be implemented by December 2024.
Stablecoin regulations under MiCA became effective on June 30, 2024, requiring issuers of such assets to obtain authorization to operate in at least one EU member state, which then grants them permission to operate across the entire EU.
MiCA Rules Effective After June 30, 2024. Source: financemagnates.com
Coinbase is expected to release updated plans in November 2024. The exchange will offer automatic conversion of “non-compliant” stablecoins held by customers into assets that meet EU standards, such as USDC and UERC issued by Circle, which became the first stablecoin issuer to fully comply with MiCA regulations.
Other exchanges like OKX, Bitstamp, and Uphold have already taken steps to limit access to Tether’s stablecoins in Europe to ensure compliance with regulators.
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