MiCA

This week’s Crypto Biz explores the departure of Jump Crypto’s CEO, Animoca Brands’ return to public markets, the corporate dispute between Riot and Bitfarms, and other news.

The first deadline for complying with new rules under the European Union’s Markets in Crypto-Assets Regulation (MiCA) is approaching, slashing more stablecoins from local markets. 

On June 26, Bitstamp announced the delisting of Tether’s euro-pegged stablecoin, EURT, to comply with the new rules. The exchange was one of the first to list the coin in 2021. In the same vein, Uphold recently notified its European users that six popular stablecoins would no longer be supported on its platform: Tether (USDT), Dai (DAI), Frax Protocol (FRAX), Gemini dollar (GUSD), Pax dollar (USDP) and TrueUSD (TUSD).

Binance has also revamped its stablecoin strategy. The exchange is now classifying stablecoins into “regulated” and “unauthorized” coins based on their compliance with the new regulations. Coins labeled as “unauthorized” will be available on its platform in a “sell-only” mode, said Binance, adding that only a few stablecoins would meet MiCA requirements at present.

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