Tether(USDT) News: Binance to Delist Non-MiCA Compliant Stablecoins in Europe by March 31, 2023

In a significant move that will impact the cryptocurrency market in Europe, Binance has announced plans to delist nine non-MiCA compliant stablecoins from its platform in the European Economic Area (EEA) by March 31, 2023. This decision is in line with the upcoming Markets in Crypto-Assets (MiCA) regulations by the European Union.

Binance to Delist Non-MiCA Stablecoins in Europe by March 31

Binance will remove nine non-MiCA compliant stablecoins from its platform in the European Economic Area (EEA) by March 31, 2023. This action aligns with the European Union’s Markets in Crypto-Assets (MiCA) regulations. The exchange will cease spot trading pairs for stablecoins like Tether (USDT), Dai (DAI), FDUSD, TUSD, USDP, AEUR, UST, USTC, and PAXG. Users in the EEA will no longer be able to trade these stablecoins on the spot market after the deadline, but they can still convert or sell non-compliant assets through Binance Convert.

Crypto Wallet Risks: Verifying Asset Cleanliness is Crucial

With an increasing number of funds being blocked by exchanges due to AML checks, any cold wallet receiving USDT could face risks. Recently, cases of funds being blocked by exchanges have become more frequent, leading to long disputes with support where users have to prove their innocence. Verifying the purity of cryptocurrency is now a necessity to avoid such issues.

Russia’s Garantex Suspends Operations After Tether Freezes $28m in USDT

Russia’s largest and sanctioned cryptocurrency exchange Garantex has temporarily shut down all of its services after Tether froze over 2.5 billion rubles worth of USDT. Garantex announced in a March 6 statement on Telegram that Tether has blocked their wallets, prompting the exchange to temporarily suspend all services, including cryptocurrency withdrawals. Garantex warned Russian users that all USDT in Russian wallets is now at risk.