CZ Clarifies On Rumors Of Binance’s Stablecoin Delisting In Europe

Chief executive officer of crypto exchange Binance Changpeng Zhao or ‘CZ’ has on Wednesday clarified on rumors around the platform’s plans to eventually delist stablecoins for Europe users. The move was said to be effected thanks to the European Union’s Markets in Crypto Assets (MiCA) rules, which will come into effect from 30 December 2024.

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CZ Explains Binance View On Stablecoins

The Binance cofounder had responded to claims that the platform’s Europe entity was planning to delist all the stablecoins in Europe by June 30, 2024. He said a comment by Marina Parthuisot, Binance’s French legal director was misunderstood. Parthuisot reportedly said the European Union is yet to give an approval to the operation of any stablecoin. He said the comment was taken out of context and that the platform is actually preparing to launch other stablecoins.

“We (Binance) have a couple of partners launching EUR and other stable coins, in fully compliant manners of course.”

The Binance CEO had marked the claims in his trademark “4” category, which means the news is part of the fake news fear, uncertainty and doubt (FUD) package.

What Are The MiCA Rules?

The European Commission has been working on implementing the MiCA rules to create a regulatory framework for crypto assets. The regulations cover issuance and trading of crypto assets and the operation of crypto assets service providers. The regulation also includes a framework for stablecoins, which are said to be facing a softer regulatory regime than other types of tokens.

The European regulatory regime could turn out to be a much needed example for other jurisdictions in terms of implementation. Binance is currently facing a lawsuit filed by the U.S. Securities and Exchange Commission over violation of securities laws.

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