That do not comply with the new regulatory requirements in the European Union under the MiCA (Markets in Crypto Assets) law. This decision is driven by the fact that, starting in 2024, stricter regulations on crypto assets will come into force in the EU, aiming to ensure transparency and protection for users.
The exchange is required to comply with these new regulations, and by December 31, 2024, all stablecoins that do not meet MiCA standards will be delisted for European users. This means that these assets will no longer be available for trading on the Coinbase platform in the EU.
To accommodate users who hold stablecoins subject to delisting, Coinbase is offering the option to convert these assets into USDC (USD Coin)—one of the most popular and regulated stablecoins that complies with MiCA requirements. This will allow users to retain their funds in a stablecoin that remains available for trading under the new European rules.
This move highlights the importance of crypto exchanges and projects adapting to changes in legislation, especially in a large and regulated market like the European Union. EU users should be prepared for possible changes in the availability of certain crypto assets, but Coinbase aims to minimize inconvenience by offering conversion into approved assets like USDC.
