Coinbase to Delist Non-Compliant Stablecoins in EU

Crypto exchange Coinbase (ticker: COIN) announced that it will delist non-compliant stablecoins in the European Union by the end of the year.

“Given our commitment to compliance, we intend to restrict the provision of services to European Economic Area users in connection with stablecoins that do not meet the MiCA requirements by December 30, 2024,” Coinbase said in an emailed statement.

The European Union’s Markets in Crypto Assets (MiCA) guidelines are the most advanced regulations for the blockchain sector to date. Under this framework, stablecoin issuers must obtain e-money authorization in at least one EU member state and adhere to strict rules regarding their backing treasury assets.

Tether’s USDT, the world’s most valuable stablecoin, has yet to receive an e-money license. In contrast, Circle, the issuer of USDC and EURC stablecoins, became the first official Electronic Money Institution in the EU in July. Coinbase partnered with Circle to launch the USDC stablecoin, prominently featured on its platform.

Other exchanges, including Binance, Bitstamp, Kraken, OKX, and Uphold, have de-listed Euro Tether’s EURT and USDT tokens since the MiCA guidelines began rolling out in June. Rules for stablecoins came into effect on June 30.