Changpeng Zhao Responds to Delisting Claims

Binance's French legal director Marina Parthuisot revealed that the company plans to delist all stablecoins in Europe by June 30, 2024, according to CoinDesk, shedding light on upcoming regulatory changes.

However, Binance CEO Changpeng Zhao (CZ) denied the claims, stating that Binance has a few partners launching EUR and other stablecoins in Europe. According to him, the discussion was taken ‘out of context.’

The MiCA bill (Markets in Crypto Assets) bill finalized in June, represents a groundbreaking step in the European Union's crypto regulation journey. It positions the EU as the world's first major jurisdiction with comprehensive cryptocurrency regulations. These regulations will enable exchanges and wallet providers to operate seamlessly across the EU with a single license, streamlining the regulatory process for crypto businesses.

While the MiCA bill has already been ratified, its provisions regarding stablecoins will take effect a year later, in June 2024. During this interim period, the European Banking Authority (EBA) and European Securities and Market Authority (ESMA) are actively engaged in consultations to fine-tune the specifics of these regulations.

It is likely that the majority of stablecoin issuers will be decentralized, or will claim to be decentralized, without any point of decision or issuance and, therefore, unable to comply with MiCA regulations.

While Zhao praises MiCA's rules, regulatory pressure has forced Binance out of many European jurisdictions, including the Netherlands, Cyprus, and Germany.