Key Points
- USDC is now MiCA-compliant, becoming the first major regulated stablecoin in the EEA.
- USDC remains available across most of Binance’s product offerings.
In an official announcement, Binance revealed how users’ accounts on the exchange will be impacted by the fact that USDC is now MiCA compliant.
On July 1, Circle announced that it had been authorized to issue USDC as a MiCA-compliant e-money token (EMT). This means that USDC is now the first major regulated stablecoin in the EEA.
How Binance user accounts are affected
Binance announced that USDC will continue to remain available across most of Binance’s product offerings, such as, but not limited to the following:
Convert
- Buying and selling of USDC on Convert remains available, and other stablecoins can be converted in USDC.
Earn
- USDC Subscriptions on Earn Products, including Simple Earn, Cloud Mining, and Web3 Wallet Earn, including any Auto-Subscribe features remain available.
Binance Loans and VIP Loans
- USDC loan applications remain available, and using the stablecoin as collateral for the products is still available.
Referral Commission/Rebate, Rewards
- Referral commission or rebates for Spot and Margin will be paid in USDC and most rewards across the platform will be changed to USDC unless specified that other tokens could be issued in the campaign’s terms and conditions.
Buy Crypto with Fiat
- Purchasing USDC using fiat currency and credit card via the “Buy Crypto” page remains available.
- All ongoing recurring buy plans that are currently set from local fiat currencies to non-regulated Stablecoins will be automatically transitioned to USDC.
Margin
- The transfer of USDC as margin collateral into the Margin Wallet remains available.
- USDC borrowing across Cross margin, Isolated Margin, and Cross margin Pro products remains available.
P2P Trading
- Binance announced that buying and selling USDC via P2P also remains available.
The exchange also revealed that Spot trading for all stablecoins remains available after July 1.
Binance’s handling of unauthorized stablecoins
The crypto exchange noted that the handling of Unauthorized Stablecoins remains the same as noted in the previous announcement. There will not be any forced conversions.
Last month, Binance listed all the relevant information about the new stablecoins rules.
During the Binance Campus event, the exchange’s Head of CEE and CIS addressed the issue as well, putting an end to the previous delisting rumors that had been circulating due to the MiCA regulations.
Binance asks users to remain tuned for more campaigns and product launches with USDC on the platform.
