Binance Joins Other Exchanges, Delists Tether in the EU

It’s now harder to get that sweet USDT if you’re in the European Union.

Binance announced yesterday the suspension of USDT trading for customers in the European Union. The move follows similar actions by other exchanges, including Kraken, Coinbase, and Crypto.com. These moves have come amid efforts to comply with MICA, a regulatory framework designed to govern digital assets, including stablecoins. Other stablecoins delisted as part of efforts to achieve compliance include DAI, FDUSD, PAXG, and TUSD.

The shift really signals a fracturing of the global stablecoin market; USDT is by far the most popular stablecoin globally, but is particularly popular in Asian markets. The move will likely benefit stablecoins deemed compliant with MICA, namely USDC.