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Cryptocurrency exchange Coinbase has begun notifying its European customers about the upcoming restrictions on certain stablecoins due to the upcoming Markets in Cryptoassets (MiCA) regulatory framework.
The restrictions affect users of Coinbase Europe Limited and Coinbase Germany GmbH and will come into effect on December 13, 2024 at 11:59 AM ET.
Coinbase explained in an email to its users that certain stablecoins will face restrictions because they do not yet comply with MiCA requirements. Affected assets include USDT, PAX, PYUSD, GUSD, GYEN, and DAI, collectively referred to as “MiCA-restricted assets.”
While services for restricted stablecoins have been suspended, Coinbase has assured customers that USDC and EURC are MiCA-compliant and will remain available for trading, storage, and transfers on the platform.
Starting December 13, 2024, retail customers of Coinbase Europe Limited and Coinbase Germany GmbH will face the following restrictions:
- Trading: It will no longer be possible to buy, sell, exchange or convert restricted stablecoins.
- Custody: Users will not be able to hold these assets on Coinbase’s platform.
- Buy: Transfers of restricted stablecoins to Coinbase accounts will be blocked.
*This is not investment advice.
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