Binance implements stablecoin restrictions in Europe
👀 From June 30, 2024, new rules new rules for stablecoins in the territory of the European Economic Area (EEA) come into force. Stablecoin operators must obtain a license from a competent authority of an EU member state. They are also required to provide full disclosure to clients, present a public business model, establish an effective governance system and register with the EBA.
🚫 Binance warns that the restrictions will apply to "unregulated stablecoins". The exchange plans to gradually change access to these assets, allowing European users to switch to regulated "stable coins".
📅 From June 30, European clients will only be able to sell "unregulated stablecoins", the purchase of these assets will be stopped. The restriction will also affect the copy trading service and participation in Launchpad, Launchpool, Simple Earn and other services.
The statement does not specify which "stable coins" are in question. 🧐
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