Due to the imminent implementation of the Markets in Crypto Assets (MiCA) regulation, the world’s largest cryptocurrency exchange Binance has ceased to offer “copy trading” services to European users.
On X day, European Binance users were informed that the service targeted for “replicating” trades in their region is no longer available. Additionally, they are advised to close “replicated” trades and transfer funds back to their respective spot investment portfolios by 23:59 on 27th July 2024, Bulgarian time. After this date, all remaining open positions will be automatically closed at market prices, and assets will be transferred to spot investment portfolios.
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Binance has removed 7 altcoin pairs from its trading platform.
This development follows recent announcements; starting from 30th of the X month, Binance announced the issuance of unapproved stablecoins in the EU. As of X day, users will be unable to trade, deposit, or withdraw stablecoins that do not comply with MiCA regulations.
Moreover, the exchange has updated its referral and reward system. As of X day, referral commissions for spot and margin trading will be paid in BNB, Binance’s token, instead of stablecoins. Therefore, the platform recommends its European users to review their assets and consider transitioning to regulated stablecoins or other digital assets before the deadline on 30th of X month.
