Binance to delist USDT, DAI and others for EU users

[sokani]

I'm not sure if this has been posted anywhere on the forum. So I felt the need to post it here in order to create awareness since Binance is a big exchange and some forum users may have some funds there, especially traders. If you live in europe and you've any of the non-MICA conpliant stablecoins such as (USDT, DAI, FDUSD, TUSD, USDP, AEUR, USTC, UST, or PAXG) on Binance, they will be delisted on 31 March 2025 and you're advised to swap to USDC, EURI or fiat.



https://cointelegraph.com/news/binance-delist-non-mica-stablecoins-eea-march-31

[dkbit98]

I am not surprised with this at all, and few months ago I already predicted something like this is going to happen.
They are not going to restrict only USDT Tether but all stablecoins that are not regulated and approved by regulators.
Maybe this is not such a bad thing, people should not trust any stable coins long term.
Do not use their regulated approved stable-slave-coins.

[AB de Royse777]

They are not going to restrict only USDT Tether but all stablecoins that are not regulated and approved by regulators.

They are doing everything in their power to earn their share.

[JoyMarsha]

If Binance could think of delisting the mentioned stablecoin from their exchange, what does this actually clarify, no coin on exchange is safe except bitcoin.

If the coins you hodl are not delisted on the crypto exchange yet, don't think they won't someday; they will surely be. It's a matter of time, it will happen

[Z-tight]

If Binance could think of delisting the mentioned stablecoin from their exchange, what does this actually clarify, no coin on exchange is safe except bitcoin.

That is not the point here, binance is only following MICA regulations, and this only affects their customers in the EEA. Needless to say that no coin in an exchange is safe, even BTC, not your keys, not your coins, if another party controls your keys, how can you be sure that your funds are safe, Bybit is a recent example.

[hugeblack]

An expected move that will see more liquidity move to USDC if other stablecoins don’t get the necessary approvals.
In comparison, USDC is slightly better than USDT.
Binance has become more compliant with authorities since CZ.

[joniboini]

Binance has become more compliant with authorities since CZ.

I guess they don't want to lose one of their biggest markets by doing this. In my country,y I'm sure they don't bother registering or following the regulations after 2 years of being blocked. Even the app got removed from Playstore iirc. USDT still has the biggest volume in most markets so I don't think this will affect how they work on exchanges that I use. Storing your wealth on centralized stablecoin is a bad idea anyway.

[sokani]

An expected move that will see more liquidity move to USDC if other stablecoins don’t get the necessary approvals. In comparison, USDC is slightly better than USDT.

It's the perfect opportunity for USDC to climb up the ladder. I wonder what the fate of Tether will be if other regions begin to take similar steps. It might be the end of USDT dominance.

Binance has become more compliant with authorities since CZ.

Joniboini already gave a good reason. Another reason may be the hefty fine they got slammed with by the US government. As the saying goes; once beaten, twice shy.

[JollyGood]

Binance is regulated therefore they have to adhere to various rules and regulation that are imposed. If the stablecoins are no longer supported, it allows customers to go elsewhere to trade. Those that remain Binance customers could use approved stablecoins (such as USDC) and it will increase liquidity. Over time we will hear more news about Binance de-listing more coins, that cannot be avoided now.

I'm not sure if this has been posted anywhere on the forum. So I felt the need to post it here in order to create awareness since Binance is a big exchange and some forum users may have some funds there, especially traders. If you live in europe and you've any of the non-MICA conpliant stablecoins such as (USDT, DAI, FDUSD, TUSD, USDP, AEUR, USTC, UST, or PAXG) on Binance, they will be delisted on 31 March 2025 and you're advised to swap to USDC, EURI or fiat.

[Jawhead999]

How about BUSD? it was not listed on the delisted token and also not mentioned in accepted stable coins for EEA users.

Sooner or later we will see USDC overtake USDT position, for now the regulation only happen in European, but this will encourage USDT users who live in other countries to convert their USDT to USDC since they worry if the regulation will happen in US too.

[sokani]

How about BUSD? it was not listed on the delisted token and also not mentioned in accepted stable coins for EEA users.

Binance has discontinued support for BUSD since 31st Dec 2023.
https://x.com/binance/status/1729780402221465859?t=2lOdKYacsGAOSlKgMPQhuA&s=19

[mindrust]

If Binance could think of delisting the mentioned stablecoin from their exchange, what does this actually clarify, no coin on exchange is safe except bitcoin.

If the coins you hodl are not delisted on the crypto exchange yet, don't think they won't someday; they will surely be. It's a matter of time, it will happen

Even bitcoin is not safe if you are storing it on a centralized exchange. Who can guarantee that they won’t be delisting btc in the future? Anything is possible I say. I too keep some coins on binance but if one day they decide to scam me, I won’t be sorry about it that much because I keep a small portion of my crypto stash there.

I wish the govs never regulated crypto tbh. We were happier in 2016 when btc was much cheaper because nobody asked KYC, nobody cared about your transactions… Crypto was totally free back then. Now it is a KYC-AML mess.

[Rikafip]

Maybe this is not such a bad thing, people should not trust any stable coins long term.

I don't think tjhat this will change much as people will just turn to other regulated stablecoins instead, like USDC for example. Also I think its just a matter of time when Tether comes back once they sort their issueds with MiCA.

If Binance could think of delisting the mentioned stablecoin from their exchange, what does this actually clarify, no coin on exchange is safe except bitcoin.

Binance is not doing this because they want to, but instead they have to. Big difference.

[Z-tight]

I wish the govs never regulated crypto tbh. We were happier in 2016 when btc was much cheaper because nobody asked KYC, nobody cared about your transactions… Crypto was totally free back then. Now it is a KYC-AML mess.

Most of us as well do not like regulation in crypto, because of kyc and how hard it has become to achieve privacy, however, we understand that with how big the industry has become, regulation is a necessary-evil. If there was no regulation, many of these centralized exchanges would scam people with impunity, never mind schemes like ico in the past or memecoins now, i know people still get scammed, but withou regulations it would have been crazy.

[bittraffic]

Its just on EU users. Those from Asia are still able to use USDT and all other stablecoins to trade in binance nothing's changed. But surely the volume will gradually decline.

I've read people are more relying on the use of binance app when things like this happen to the company however, it may appear like they are being attack constantly by the regulators while few others are not. I think the apps are still unaffected.

[Potato Chips]

I've read people are more relying on the use of binance app when things like this happen to the company however, it may appear like they are being attack constantly by the regulators while few others are not. I think the apps are still unaffected.

What do you mean? Are you talking about countries where binance was banned? because it only happened as binance, in some countries, did not impose restrictions from their end-- for instance, in Philippines.

In this case, I don't think using the app would make a difference as binance will be imposing the restrictions from their end.

[NotATether]

They are not going to restrict only USDT Tether but all stablecoins that are not regulated and approved by regulators.

They are doing everything in their power to earn their share.

What a great business this must be for Circle  

It's almost as if they are running a cartel with EU regulators.

Maybe this is not such a bad thing, people should not trust any stable coins long term.

I don't think tjhat this will change much as people will just turn to other regulated stablecoins instead, like USDC for example. Also I think its just a matter of time when Tether comes back once they sort their issueds with MiCA.

Tether is not going to get this permit any time soon.

So what you're looking at is a short-term exodus of USDT traders from these 'regulated' platforms. They are going to trade their USDT on non-compliant platforms first and then bring the rest to Binance.

EU regulators are very short-sighted. It's the reason why there's little innovation going on there.

[JollyGood]

Even with regulation, most scammers would eventually find a way to circumvent the rules. Having said that, it would certainly discourage many who were unable to find ways to get around the system or push them in to other methods of scams. When there are no scams in sight and people just to want to save or trade with anonymity and they are being forced to sending personal information, many people are not happy with it. Finding the balance between regulation and privacy is the key.

Most of us as well do not like regulation in crypto, because of kyc and how hard it has become to achieve privacy, however, we understand that with how big the industry has become, regulation is a necessary-evil. If there was no regulation, many of these centralized exchanges would scam people with impunity, never mind schemes like ico in the past or memecoins now, i know people still get scammed, but withou regulations it would have been crazy.