A well-known cryptocurrency exchange is set to remove various stablecoins from trading within the European Economic Area (EEA) by March 31, 2025, as a move to comply with the new Markets in Crypto-Assets (MiCA) regulation. This decision was announced recently, and it impacts trading pairs with nine specific stablecoins which include popular options such as Tether (USDT), Dai (DAI), First Digital USD (FDUSD), and TrueUSD (TUSD). Notably, stablecoins that comply with the MiCA regulations, like USD Coin (USDC) and Eurite (EURI), will remain unaffected by this delisting.
Despite the delisting, users in the EEA will still have the ability to sell their non-compliant stablecoins through an existing feature known as Binance Convert. This platform will facilitate custody, deposits, and withdrawals related to these assets even after they are removed from direct trading on the exchange.
As part of this transition, users are being encouraged to convert their non-compliant stablecoins into alternatives that are MiCA-compliant or into fiat currencies such as the euro. The exchange’s proactive stance aligns with its ongoing efforts to obtain MiCA licensing, which reflects a broader trend towards regulatory adaptation in the EU and other regions.
In a separate development, Nigeria recently filed a significant lawsuit against the exchange, demanding $79.5 billion in damages for alleged economic losses, along with an additional $2 billion in back taxes. The lawsuit highlights complaints that the exchange’s operations have negatively impacted the country’s currency stability. The Nigerian authorities had previously detained two executives of the exchange in 2024, linking them to issues related to local currency trading.
Notably, the exchange is not currently registered in Nigeria and has yet to respond formally to the legal proceedings. The country’s Federal Inland Revenue Service (FIRS) is pursuing income taxes for the years 2022 and 2023, along with interest and penalties related to unpaid taxes. This situation illustrates the increasingly complex regulatory landscape surrounding cryptocurrency operations globally, particularly in regions like Africa, where there are ongoing discussions about potential regulatory frameworks.
In summary, changes are underway for the exchange as it seeks compliance with evolving regulations, particularly in the European market, while also facing legal challenges in Nigeria that may signal heightened regulatory scrutiny in the continent’s cryptocurrency sector.