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Binance is reportedly preparing to delist stablecoins in the European market. The crypto exchange is making this move to comply with the new law in the EU based on the standards set by Markets in Crypto Assets (MiCA).
The EU's landmark MiCA law was already scheduled to take effect next year. However, up to this time, it is not yet clear how the authorities are planning to apply this to foreign or decentralized issuers.
With the new law, CoinTelegraph reported that an executive at Binance said during a public hearing with the European Banking Authority (EBA) that they intend to delist stablecoins in Europe by June 2024. The head of Binance France's legal unit, Marina Parthuisot, said on Thursday, Sept. 21, that since they do not have any approved projects under the MiCA yet, they are "heading to a delisting of all stablecoins in Europe on June 30."
The crypto exchange also issued a warning and predicted multiple delistings of stablecoins due to the EU's MiCA. Binance said it decided to delist to comply with the crypto assets law that will soon be implemented.
Parthuisot further explained that MiCA may have a bigger consequential impact on the European market than the rest of the world. She gave these comments after the MiCa was recently passed in the region.
In any case, in response to Parthuisot's statement, Elizabeth Noble, the team leader for MiCA at the EBA, said, "There is no transitional arrangement for these types of stablecoin tokens. The rules will apply from the end of June next year."
CoinDesk reported that experts in the field have also brought up other issues related to the implementation of the MiCA. Many are still confused over the provisions requiring issuers to be EU-based undertakings.
"A lot of the stablecoin issuers will be, or will purport to be, completely decentralized, therefore without any point of decision or issuance and hence unable to meet MiCA strictures," Latham & Watkins law firm partner, Thomas Vogel, said. "This has become a sort of threshold question for a lot of the people we talk to, and as far as I can tell there is not much guidance."
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