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MiCA Stablecoin Rules Implementation Announcement

MiCA Stablecoin Rules Implementation Announcement

2024-06-03 14:00

This announcement affects only users in the the European Economic Area (EEA)

Fellow Binancians,

On 2024-06-30 (UTC+3), the new MiCA stablecoin rules will come into effect across the European Economic Area (EEA). This will be a first step entering the new regulatory framework and it will have a significant impact on the stablecoin market in EEA. As it is important for all users to understand the impact of the upcoming changes, here are some of the important details about the new rules and how Binance is implementing them.

MiCA Stablecoin Rule Compliance - Product Impacts for EEA Users

From 2024-06-30 (UTC+3), stablecoins will be regulated in the EEA. Several existing stablecoins - such as USDT - may not be regulated and will therefore be subject to certain restrictions. These will be categorized as “Unauthorized Stablecoins.”

These transitional measures aim at allowing EEA users to switch to Regulated Stablecoins while avoiding any market disruption and complying with MiCA stablecoin rules. 

Binance will restrict the availability of Unauthorized Stablecoins for EEA users across its product offerings, starting from 2024-06-30 (UTC+3).  Please note that Binance will not delist any stablecoins until further notice and they will remain available on Binance Convert, Spot Trading and Wallet: 

  • Binance Convert: Convert functions for Unauthorized Stablecoins will be maintained in a “sell-only mode. This means in practice that EEA users will be able to sell Unauthorized Stablecoins for: other digital assets (such as bitcoin or ether), Regulated Stablecoins, or fiat currencies (depending on the availability of fiat channels in one’s jurisdiction). This will allow users to easily switch to Regulated Stablecoins. Buying Unauthorized Stablecoins with Convert will not be possible from 2024-06-30 (UTC+3). 

  • Spot Trading: Spot trading pairs with Unauthorized Stablecoins will remain available until further notice. During the interim period, digital asset trading pairs with Unauthorized Stablecoins will coexist with trading pairs with Regulated Stablecoins.

  • Wallet: Custody and wallet services of Unauthorized Stablecoins will continue. Users will be able to withdraw or deposit stablecoins from or to their Binance wallet. 

General Product Restrictions

Apart from the aforementioned products in Binance Convert, Spot Trading and Wallet, Binance will implement product restrictions across its entire product offering. These restrictions will prevent users from entering into new products or service offerings involving Unauthorized Stablecoins. Please note the specific product impacts beyond this general product restriction are effective by 2024-06-30 (UTC+3), unless otherwise specified below.

  • Rewards

    • Rewards across the platform, for example from the Rewards Center and Campaigns will be changed to BNB, other non-stablecoin tokens or Regulated Stablecoins once available.

    • If users have an existing voucher with Unauthorized Stablecoins, they can still claim it until its expiration date.

  • Referral Commission/Rebate 

    • From 2024-06-24, referral commissions or rebates for Spot and Margin will be paid in BNB. After the commission is generated, it will be calculated and converted into BNB on an hourly basis. Once the conversion is complete, the BNB commission will be deposited into the user's spot account within 6 hours.

  • Spot Copy Trading

    • Spot Copy Trading will cease for EEA users on 2024-06-26, before 23:59 (UTC+3).

    • Impacted Lead Traders and Copy Traders are encouraged to close their positions in their Copy Trading activities and transfer their funds back to their respective Spot Wallets before 2024-06-27 23:59 (UTC +3).

    • After  2024-06-27 23:59 (UTC +3), all open positions in Spot Copy Trading will be closed at market price – any remaining  assets in a Copy Trader’s Spot Copy trading sub-account will be returned to the respective Copy Trader’s Spot Wallet before 2024-06-28 23:59 (UTC +3), subject to first deduction of any unsettled Profit Sharing amounts, which will be paid to the respective Lead Trader(s).

  • Margin

    • Starting from 2024-06-30 (UTC+3), Binance will restrict new borrowings of unauthorized stablecoins and transfers of unauthorized stablecoins as margin collateral into margin wallet for EEA users across all margin product offerings. 

    • Depending on the specific Margin product, it may be necessary for users to utilize alternative margin collateral and/or decrease their positions to prevent liquidation.

    • Until further notice, existing Margin loans will remain unaffected and not subject to forced liquidation. Impacted Margin traders are encouraged to close margin loans involving Unauthorized Stablecoins. 

    • Existing holdings of Unauthorized Stablecoins held in Margin Wallet may continue to be used for trading until further notice.

  • Launchpad & Launchpool

    • FDUSD pool will no longer be available for EEA users. 

  • Simple Earn 

    • New subscriptions, including Auto-Subscribe feature, involving Unauthorized Stablecoins will be blocked in Simple Earn Flexible and Locked Products (e.g., this also applies to products like GNS Locked Products with DAI rewards) from 2024-07-01 (UTC+3).

    • All existing Simple Earn subscriptions involving Unauthorized Stablecoins remain unaffected and will not be subjected to forced redemption, until further notice. 

  • Binance Loans & VIP Loans

    • New Loan subscription and new incremental collateral involving Unauthorized Stablecoins will be blocked from 2024-07-01 (UTC+3).

    • Existing fixed-term Loans involving Unauthorized Stablecoins will be held until maturity and not be subject to forced repayment.

    • Existing collateral and loans of Unauthorized Stablecoins will be kept open until repayment. 

    • Topping up of Unauthorized Stablecoins to improve Loan-to-Value when an Unauthorized Stablecoin is used as collateral will remain unaffected until further notice in order to prevent forced liquidation.

  • Auto-Invest

    • New Auto-Invest subscriptions with Unauthorized Stablecoins will be blocked. 

    • Existing plans involving selling Unauthorized Stablecoins may continue until Unauthorized Stablecoin holdings held in Earn Wallet are depleted.

    • Existing plans involving buying of Unauthorized Stablecoins will no longer be available to EEA users.

  • Dual Investment

    • New subscriptions of Dual Investment products with Unauthorized Stablecoins will be blocked from 2024-07-01 (UTC+3).  

    • Existing subscriptions of Dual Investment products with Unauthorized Stablecoins will be held until maturity and will settle as normal accordingly. 

  • Cloud Mining

    • New subscriptions involving Unauthorized Stablecoins will be blocked from 2024-07-01 (UTC+3).

    • Unauthorized Stablecoins will not be permitted as a payment method.

  • Binance Pay

    • EEA users will not be able to send or receive any Unauthorized Stablecoins from 2024-06-30 (UTC+3).

    • EEA users will also no longer be able to use Binance Pay with any Unauthorized Stablecoins from 2024-06-30 (UTC+3).

    • All Unauthorized Stablecoins payouts to EEA recipients will be blocked from  2024-06-30 (UTC+3).

    • Any refunds to EEA users can be processed in EUR. 

  • Send Cash

    • Transactions involving any Unauthorized Stablecoins will be blocked from 2024-06-30 (UTC+3). 

  • Red Packet

    • EEA users will not be able to create or receive Red Packet in any Unauthorized Stablecoins from 2024-06-30 (UTC+3).

    • Red Packets in Unauthorized Stablecoins received before 2024-06-30 (UTC+3) will still be redeemable.

    • Refunding an expired Red Packet received before 2024-06-30 (UTC+3) will be allowed.

  • NFT

    • NFT purchases involving Unauthorized Stablecoins will be blocked from 2024-06-30 (UTC+3). 

  • Spend To Earn

    • Existing USDT rewards earned before 2024-06-30 (UTC+3)  can still be distributed to EEA users after 2024-06-30 (UTC+3). 

  • Gift Card 

    • Gift Cards will be only available in Regulated Stablecoins or other digital assets for EEA users for purchases or redemptions from 2024-06-30 (UTC+3).

    • Gift Cards minted in Unauthorized Stablecoins before 2024-06-30 (UTC+3) can be refunded to wallet in the original stablecoin currency, redeemed in Regulated Stablecoin or other selectable digital assets.

  • Web3 Wallet - Earn Section

    • New supply to lending protocols involving Unauthorized Stablecoins will be blocked in the Simple Yield zone before 2024-06-29 (UTC+3).

    • All existing active positions under the Simple Yield zone remain unaffected until further notice. 

  • Buy Crypto with Fiat

    • Purchase of Unauthorized Stablecoins with fiat currency and credit card through the “Buy Crypto” page will remain available for an interim period, however crediting of Stablecoins may take up to 48 hours due to changes in the Buy Crypto mechanism.

  • P2P Trading 

    • Purchase of Unauthorized Stablecoins via P2P will be restricted;selling of Unauthorized Stablecoins via P2P remains available.

  • Binance OTC

    • Purchases of Unauthorized Stablecoins through Binance OTC will be blocked. 

    • OTC Block Trading involving Unauthorized Stablecoins will remain available in sell-only mode similarly as Binance Convert.

For additional queries and information, please do not hesitate to contact Binance Customer Service agents.

Note: There may be discrepancies in the translated version of this original article in English. Please reference this original version for the latest or most accurate information where any discrepancies may arise.

Thank you for your support!

Binance Team


Note: This announcement was last updated on 2024-06-20 to add further clarifications to general product restrictions. Clarifications to Spot Trading restrictions were also added on 2024-06-12.

Disclaimer: In compliance with MiCA requirements, from 2024-06-30, unauthorized stablecoins are subject to certain restrictions for EEA users. For more information, please click here

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Binance reserves the right in its sole discretion to amend or cancel this announcement at any time and for any reasons without prior notice.

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