Binance CEO discusses new stablecoin partnerships ahead of looming MiCA regulations Binance CEO discusses new stablecoin partnerships ahead of looming MiCA regulations
European exchanges might be forced to delist stablecoins whose issuers do not have EMI licenses.
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Updated: Sep. 21, 2023 at 6:42 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Binance CEO Changpeng Zhao refuted reports that the exchange will delist stablecoins for its European users because of the forthcoming Markets in Crypto Assets (MiCA) regulations slated for next year.
Earlier today, crypto media outlet CoinDesk reported that a Binance executive said the exchange could delist stablecoins in Europe because the upcoming regulations were yet to approve any stablecoin project.
In response to the report, CZ stated that the exchange’s executive response was taken out of context, adding that his platform has “a couple of partners launching EUR and other stablecoins, in fully compliant manners, of course.”
Separately, Binance published a blog post that it was “confident that there will be a constructive solution in place” before the deadline to avert an “impact on the European crypto market and the competitiveness of European crypto exchanges in a global market.”
However, Binance conceded that the forthcoming MiCA regulations “would require all EU exchanges to delist stablecoins whose issuers do not have Electronic Money Institution (EMI) licenses.”
Binance is promoting different stablecoins
Despite the regulatory grey zone surrounding stablecoins in Europe, Binance has been moving to introduce more stablecoins to its platform following the regulatory struggles of Paxos-issued Binance USD (BUSD).
Earlier in the year, Binance heavily pushed Justin Sun-linked TrueUSD before concerns began to arise about its exposure to the bankrupt crypto custodian platform Prime Trust in June.
Since then, the CZ-led platform has nudged its users towards First Digital USD (FDUSD), a Hong Kong-licensed stablecoin created by First Digital Group. FDUSD enjoys several features designed to incentivize its usage on Binance.
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Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Changpeng Zhao, popularly known as “CZ,” is a notable figure in the cryptocurrency world, primarily for founding and leading Binance, the world’s leading cryptocurrency exchange by trading volume.