Coinbase Announces Plans to Delist Unauthorized Stablecoins in EU
Coinbase Global intends to remove all unapproved stablecoins from its digital currency exchange in the European Union by the end of this year.
The company is expected to provide an update on its plans next month, which will offer users options to switch to stablecoins issued by authorized issuers, according to a statement from the company.
Due to its strong commitment to compliance, Coinbase plans to restrict services to users in the EEA for stablecoins that do not meet MiCA requirements by 30 December 2024.
This decision may have an impact on popular tokens like Tether Holdings Ltd.’s USDT, which currently holds a significant portion of the stablecoin market, as Europe has introduced specific regulations for the cryptocurrency industry known as the Market in Crypto Assets (MiCA) rules.
Under these rules, cryptocurrency exchanges operating in the European Union may be required to remove stablecoins issued by companies like Tether if they do not hold the necessary licenses.
