Binance, one of the greatest exchanges of cryptocurrency, officially stopped trading pairs in cash against the USDT and eight other stablecoins in the European economic field (EEE). This decision is one of its efforts to comply with the markets in the regulation of crypto-sets (Mica), a new set of rules designed to regulate digital assets in the region.
Binance stopped USDT in EEE
On March 3, the exchange officially informed users of the planned cancellation, fixing a deadline of March 31 for tokens not in accordance with mica. Despite the removal of these trading pairs, EEE users can always hold and exchange staboos affected through perpetual contracts.
In addition to the distribution of AF USDT, Biancne includes other stablescoins such as DAI (DAI), First Digital USD (FDUSD), Trueusd (TUSD), PAX Dollar (USDP), ANCHored Euro (Aur), Terrausd (UST), Terraclassicusd (USTC) and PAX Gold.
Perhaps Binance had told its users to convert their assets to approved stables likes like USDC or AURITE (EURI). In addition, they have the Fiat negotiation options, such as the euro, which remained available in the form of alternatives.
Other exchanges follow the step
Following the foot of Binance, Kraken has also struck the USDT and other stables of the EEE, to comply with the Mica. The stablescoins delimited on the Kraken Stock Exchange include Paypal USD (Pyusd), Tether EURT (EURT) and Trueusd (TUSD).
Meanwhile, Coinbase had already struck the USDT, anticipating the impact of Mica, while a few other crypto exchanges continues to exchange the token when they expect other regulatory updates.
Impact on the cryptography market
The elimination of Tether’s flagship stablecoin, USDT, could affect market liquidity in Europe, making transactions slower and increasing costs for merchants. Many investors are concerned with whether alternative floors can provide the same level of reliability as the USDT.
