Cryptocurrency exchange Binance will delist several stablecoins in the European Economic Area (EEA) to comply with the Markets in Crypto-Assets (MiCA) regulation. The delisting will take effect on March 31, 2025, the exchange announced today (Monday).
Meanwhile, speculation about Binance potentially being for sale arose following reports of asset movements in its treasury, which the exchange clarified as routine accounting adjustments. Co-founders Changpeng Zhao and Yi He addressed the rumors, attributing them to a competitor’s public relations strategy.
MiCA Compliance Leads Binance to Delist Stablecoins
The decision affects spot trading pairs with nine stablecoins, including Tether (USDT), Dai (DAI), First Digital USD (FDUSD), and TrueUSD (TUSD). MiCA-compliant stablecoins, such as USD Coin (USDC) and Eurite (EURI), will not be impacted.
⚡️ @Binance will delist non-MiCA compliant stablecoin trading pairs on March 31st Binance has announced its decision to delist non-MiCA compliant stablecoin assets amid the latest guidance from EU authorities in relation to stablecoins. Starting on March 31st, Binance will… pic.twitter.com/LAZJe9z8nn
— ???????? CryptoDep #StandWithUkraine ???????? (@Crypto_Dep) March 3, 2025
EEA users will still be able to sell non-MiCA-compliant stablecoins using Binance Convert. The exchange will continue to support custody, deposits, and withdrawals of the affected assets.
Encouraging Conversion Amid MiCA Compliance
Binance advised users to convert non-compliant stablecoins into MiCA-compliant alternatives or fiat currencies like the euro. The delisting follows Binance's ongoing efforts to secure a MiCA license and aligns with previous regulatory changes in Poland.
Nigeria Files Lawsuit Against Binance
Recently, Nigeria has filed a lawsuit against Binance, claiming $79.5 billion in damages for economic losses and $2 billion in back taxes. The lawsuit, revealed in court documents, alleges that Binance’s actions contributed to worsening the country’s currency issues. Nigerian authorities detained two Binance executives in 2024, linking cryptocurrency platforms to naira trading.
???? Nigeria sues @binance for $81.5B over economic losses & back taxes! ???????????? Will this escalate crypto regulations in Africa?#Binance #Crypto #Nigeria pic.twitter.com/WwlZ9L2YPP
— Crypto News (CoinGape) (@CoinGapeMedia) February 19, 2025
Binance is not registered in Nigeria and has not yet responded to the lawsuit. The Federal Inland Revenue Service (FIRS) is seeking income taxes for 2022 and 2023, along with penalties and interest on unpaid taxes, as reported by Finance Magnates.
This article was written by Tareq Sikder at www.financemagnates.com.
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