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Several cryptocurrency exchanges operating in the European Union (EU) have begun implementing significant restrictions on stablecoin trading. These actions are a direct response to the entry into force of the Markets in Crypto-Assets Regulation (MiCA), which sets strict new standards for stablecoins in the region.

Binance has already begun enforcing these restrictions. Since June 26, users in Europe have reported blocks on some features, including Spot Copy Trading, a service that allows users to copy the portfolios of experienced traders in real time.

Binance recommended that affected traders close their positions and transfer their funds to spot wallets by June 27th.

“After this date, any open positions will be automatically closed at market price and the assets transferred to spot wallets,” Binance explained in a statement.

Furthermore, the exchange stated that it is avoiding offering new products or services that involve stablecoins not authorized by MiCA.

Exchanges restringem stablecoins na Europa

Meanwhile, Bitstamp, another major exchange, has announced similar measures. The platform will delist the EURT stablecoin, issued by Tether and denominated in euros, before a June 30 deadline. Additionally, Bitstamp said it will not accept new stablecoins that do not comply with MiCA requirements.

On the other hand, non-euro currencies that are already available on exchanges will not be removed immediately, although their availability for European customers will be limited.

This includes stablecoins like USDT, which despite not fully complying with the new rules, will still be able to be traded during a transition period.

While Binance and Bitstamp take more cautious actions, other exchanges like OKX and Uphold have decided to directly restrict transactions with USDT and other stablecoins.

OKEx, for example, has been phasing out support for USDT transactions since March this year, while Uphold announced that starting June 28, it will no longer support USDT, Gemini Dollar (GUSD), Dai (DAI), Frax (FRAX), TrueUSD (TUSD), and Pax Dollar (USDP).

However, platforms like Kraken are trying to keep USDT available. Meanwhile, executives at Spanish exchanges like Bit2me and Bitnovo are still evaluating what measures they intend to take.

Finally, Bit2me informed that it will continue to operate with USDT and EURT for a transition period, taking advantage of the “grandfathering rule” that allows the continuity of pre-existing operations before the implementation of new laws, for an estimated period of six months.

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