Fellow Binancians,
On 2024-06-30 (UTC+3), the new MiCA stablecoin rules will come into effect
across the European Economic Area (EEA). This will be a first step entering the
new regulatory framework and it will have a significant impact on the
stablecoin market in EEA. As it is important for all users to understand the
impact of the upcoming changes, here are some of the important details about
the new rules and how Binance is implementing them.
MiCA Stablecoin Rule Compliance - Product Impacts for EEA Users
From 2024-06-30 (UTC+3), stablecoins will be regulated in the EEA, which means
in practice that only certain regulated companies will be able to issue and
offer to the public stablecoins, those stablecoins will be “Regulated
Stablecoins”.
Several existing stablecoins may not fall into this category and will
therefore be subject to certain restrictions. These will be categorized as
“Unauthorized Stablecoins.”
Binance will make phased changes to Unauthorized Stablecoins’ availability,
which are detailed below. These transitional measures aim at allowing EEA users
to switch to Regulated Stablecoins while avoiding any market disruption and
complying with MiCA stablecoin rules.
Binance will restrict the availability of Unauthorized Stablecoins for EEA
users across its product offerings, starting from2024-06-30 (UTC+3).
*
Binance Convert: Convert functions for Unauthorized Stablecoins will be
maintained in a “sell-only” mode. This means in practice that EEA users will be
able tosell Unauthorized Stablecoins for: other digital assets (such as bitcoin
or ether), Regulated Stablecoins, or fiat currencies (depending on the
availability of fiat channels in one’s jurisdiction). This will allow users to
easily switch to Regulated Stablecoins. Buying Unauthorized Stablecoins with
Convert will not be possible from2024-06-30 (UTC+3).
*
Spot Trading: Spot trading pairs with Unauthorized Stablecoins will remain
available until further notice. During the interim period, digital asset
trading pairs with Unauthorized Stablecoins will coexist with trading pairs
with Regulated Stablecoins.
*
Wallet: Custody and wallet services of Unauthorized Stablecoins will continue.
Users will be able to withdraw or deposit stablecoins from or to their Binance
wallet.
General Product Restrictions
Apart from the aforementioned products in Binance Convert, Spot Trading and
Wallet, Binance will implement product restrictions across its entire product
offering. These restrictions will prevent users from entering into new products
or service offerings involving Unauthorized Stablecoins. Please note the
specific product impacts beyond this general product restriction are effective
by 2024-06-30 (UTC+3), unless otherwise specified below.
*
Rewards
*
Rewards across the platform, for example from the Rewards Center, Campaigns
and Referrals will be changed to Regulated Stablecoins, BNB or other
non-stablecoin tokens.
*
If users have an existing voucher with Unauthorized Stablecoins, they can
still claim it until its expiration date.
*
Spot Copy Trading
*
Spot Copy Trading will cease for EEA users as of 2024-06-29 23:59 (UTC+3).
*
Impacted Lead Traders and Copy Traders are encouraged to close their positions
in their Copy Trading activities and transfer their funds back to their
respective Spot Wallets before2024-06-29 23:59 (UTC+3).
*
After 2024-06-29 23:59 (UTC+3), all open positions in Spot Copy Trading will
be closed at market price – any remaining assets in a Copy Trader’s Spot Copy
trading sub-account will be returned to the respective Copy Trader’s Spot
Wallet by 2024-06-30 23:59 (UTC+3), subject to first deduction of any unsettled
Profit Sharing amounts, which will be paid to the respective Lead Trader(s).
*
Margin
*
New borrowings of Unauthorized Stablecoins will be blocked.
*
Transfer of Unauthorized Stablecoins as Margin collateral into users’ Margin
Wallets will be blocked. Depending on the specific Margin product, it may be
necessary for users to utilize alternative margin collateral and/or decrease
their positions to prevent liquidation.
*
Existing Margin loans will remain unaffected and not subject to forced
liquidation until further notice. Impacted Margin traders are encouraged to
close margin loans involving Unauthorized Stablecoins.
*
Existing holdings of Unauthorized Stablecoins held in Margin Wallet may
continue to be used for trading until further notice.
*
Launchpad & Launchpool
*
FDUSD pool will no longer be available for EEA users.
*
Simple Earn
*
New subscriptions, including Auto-Subscribe feature, involving Unauthorized
Stablecoins will be blocked in Simple Earn Flexible and Locked Products (e.g.,
this also applies to products like GNS Locked Products with DAI rewards) before
2024-06-29(UTC+3).
*
All existing Simple Earn subscriptions involving Unauthorized Stablecoins
remain unaffected and will not be subjected to forced redemption, until further
notice.
*
Binance Loans & VIP Loans
*
New Loan subscription and new incremental collateral involving Unauthorized
Stablecoins will be blocked before 2024-06-29 (UTC+3).
*
Existing fixed-term Loans involving Unauthorized Stablecoins will be held
until maturity and not be subject to forced repayment.
*
Existing collateral and loans of Unauthorized Stablecoins will be kept open
until repayment.
*
Topping up of Unauthorized Stablecoins to improve Loan-to-Value when an
Unauthorized Stablecoin is used as collateral will remain unaffected until
further notice in order to prevent forced liquidation.
*
Auto-Invest
*
New Auto-Invest subscriptions with Unauthorized Stablecoins will be blocked.
*
Existing plans involving selling Unauthorized Stablecoins may continue until
Unauthorized Stablecoin holdings held in Earn Wallet are depleted.
*
Existing plans involving buying of Unauthorized Stablecoins will no longer be
available to EEA users.
*
Dual Investment
*
New subscriptions of Dual Investment products with Unauthorized Stablecoins
will be blocked before 2024-06-29 (UTC+3).
*
Existing subscriptions of Dual Investment products with Unauthorized
Stablecoins will be held until maturity and will settle as normal accordingly.
*
Cloud Mining
*
New subscriptions involving Unauthorized Stablecoins will be blocked before
2024-06-29(UTC+3).
*
Unauthorized Stablecoins will not be permitted as a payment method.
*
Binance Pay
*
EEA users will not be able to send or receive any Unauthorized Stablecoins.
*
EEA users will also no longer be able use Binance Pay with any Unauthorized
Stablecoins.
*
All Unauthorized Stablecoins payouts to EEA recipients will be blocked.
*
Any refunds to EEA users can be processed in EUR.
*
Send Cash
*
Transactions involving any Unauthorized Stablecoins will be blocked.
*
Red Packet
*
EEA users will not be able to create or receive Red Packet in any Unauthorized
Stablecoins.
*
Red Packets in Unauthorized Stablecoins received before 2024-06-29 23:59
(UTC+3) will still be redeemable.
*
Refunding an expired Red Packet received before 2024-06-29 23:59 (UTC+3) will
be allowed.
*
NFT
*
NFT purchases involving Unauthorized Stablecoins will be blocked.
*
Spend To Earn
*
Existing USDT rewards earned before 2024-06-29 can still be distributed to EEA
users after 2024-06-29(UTC+3).
*
Gift Card
*
Gift Cards will be only available in Regulated Stablecoins or other digital
assets for EEA users for purchases or redemptions.
*
Gift Cards minted in Unauthorized Stablecoins before 2024-06-29 (UTC+3) can be
refunded to wallet in the original stablecoin currency, redeemed in Regulated
Stablecoin or other selectable digital assets.
*
Web3 Wallet - Earn Section
*
New supply to lending protocols involving Unauthorized Stablecoins will be
blocked in the Simple Yield zone before 2024-06-29(UTC+3).
*
All existing active positions under the Simple Yield zone remain unaffected
until further notice.
*
P2P
*
Purchase of Unauthorized Stablecoins via P2P will be restricted, selling of
Unauthorized Stablecoins via P2P remains available.
*
Binance OTC
*
Purchases of Unauthorized Stablecoins through Binance OTC will be blocked.
*
OTC Block Trading involving Unauthorized Stablecoins will remain available in
sell-only mode similarly as Binance Convert.
For additional queries and information, please do not hesitate to contact
Binance Customer Service agents .
Thank you for your support!
Binance Team
2024-06-03
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