Major crypto exchange announces sweeping changes to comply with new EU regulations.
This means the end of copy trading in the EEA and a limitation to only three "authorized" stable tokens.
European
Binance users logging into their mobile app on Wednesday were greeted with an unsettling message indicating that certain services were no longer available in
their region. This sudden change comes as new cryptocurrency regulations on the
Old Continent officially take effect at the end of June.
Binance,
acting proactively, has already blocked access to some services, including copy
trading, starting from June 26.
Binance Users in Europe
Face Significant Restrictions
A year ago,
the European Union introduced the Markets in Crypto-assets (MiCA) regulation
package, governing the digital assets industry across Europe and within the
European Economic Area (EEA).
The MiCA regulations concerning stablecoins will significantly impact the products and services of European cryptocurrency exchanges effective June 30, 2024.
Binance,
the largest exchange by monthly transactions, was the first to implement these
restrictions, which will affect copy trading enthusiasts immediately starting
today (Wednesday).
Attempting to use copy trading in the EEA shows a service unavailable alert. Source: Binance
“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 before 2024-06-27 23:59 (UTC +3),” the exchange commented a few weeks
ago.
After that
date, any remaining open positions will be automatically closed at market
price, and assets will be transferred to spot wallets.
Unauthorized Stablecoins
and Product Limitations
From June
30, Binance will also stop supporting various other important services if
they rely on "unregulated" stablecoins.
„Stablecoins
that are not regulated under MiCA, including USDT and others, will still be
available for trading on Binance on Spot, for deposit and withdrawal and in
your wallet, as normal. They will also be available to sell on Convert. Binance
will not be delisting these stablecoins,” the exchange commented in an email
sent to its European users last week.
Key
changes for EEA users include:
Restricted
buying of unauthorized stablecoins through Binance Convert
Limitations
on new borrowings and transfers of unauthorized stablecoins in margin trading
Blocking of
new subscriptions involving unauthorized stablecoins in products like Simple
Earn, Binance Loans, and Dual Investment
Restrictions
on peer-to-peer (P2P) trading and over-the-counter (OTC) purchases of
unauthorized stablecoins
Despite
these restrictions, Binance has stated that it will not delist any stablecoins
until further notice. Spot trading pairs with unauthorized stablecoins will
remain available, and users will still be able to withdraw or deposit these
tokens to their Binance wallets.
The
exchange is also making changes to its rewards and referral systems. Starting
June 24, referral commissions for spot and margin trading will be paid in BNB,
Binance's native token, instead of stablecoins.
Binance has
advised its European users to review their holdings and consider transitioning
to regulated stablecoins or other digital assets ahead of the June 30 deadline.
European
Binance users logging into their mobile app on Wednesday were greeted with an unsettling message indicating that certain services were no longer available in
their region. This sudden change comes as new cryptocurrency regulations on the
Old Continent officially take effect at the end of June.
Binance,
acting proactively, has already blocked access to some services, including copy
trading, starting from June 26.
Binance Users in Europe
Face Significant Restrictions
A year ago,
the European Union introduced the Markets in Crypto-assets (MiCA) regulation
package, governing the digital assets industry across Europe and within the
European Economic Area (EEA).
The MiCA regulations concerning stablecoins will significantly impact the products and services of European cryptocurrency exchanges effective June 30, 2024.
Binance,
the largest exchange by monthly transactions, was the first to implement these
restrictions, which will affect copy trading enthusiasts immediately starting
today (Wednesday).
Attempting to use copy trading in the EEA shows a service unavailable alert. Source: Binance
“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 before 2024-06-27 23:59 (UTC +3),” the exchange commented a few weeks
ago.
After that
date, any remaining open positions will be automatically closed at market
price, and assets will be transferred to spot wallets.
Unauthorized Stablecoins
and Product Limitations
From June
30, Binance will also stop supporting various other important services if
they rely on "unregulated" stablecoins.
„Stablecoins
that are not regulated under MiCA, including USDT and others, will still be
available for trading on Binance on Spot, for deposit and withdrawal and in
your wallet, as normal. They will also be available to sell on Convert. Binance
will not be delisting these stablecoins,” the exchange commented in an email
sent to its European users last week.
Key
changes for EEA users include:
Restricted
buying of unauthorized stablecoins through Binance Convert
Limitations
on new borrowings and transfers of unauthorized stablecoins in margin trading
Blocking of
new subscriptions involving unauthorized stablecoins in products like Simple
Earn, Binance Loans, and Dual Investment
Restrictions
on peer-to-peer (P2P) trading and over-the-counter (OTC) purchases of
unauthorized stablecoins
Despite
these restrictions, Binance has stated that it will not delist any stablecoins
until further notice. Spot trading pairs with unauthorized stablecoins will
remain available, and users will still be able to withdraw or deposit these
tokens to their Binance wallets.
The
exchange is also making changes to its rewards and referral systems. Starting
June 24, referral commissions for spot and margin trading will be paid in BNB,
Binance's native token, instead of stablecoins.
Binance has
advised its European users to review their holdings and consider transitioning
to regulated stablecoins or other digital assets ahead of the June 30 deadline.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
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📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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