Crypto exchange Binance has announced plans to limit the availability of certain stablecoins in the European Union that are not considered regulated under the bloc's rules, Cointelegraph has reported.
The announcement comes before the stablecoin rules of the EU's Markets in Cryptoassets Regulation (MiCA) come into force at the end of June.
Binance has stated this will be the first step in complying with the new regulatory framework and will have a significant impact on the stablecoins market in the European Economic Area.
As stablecoins become regulated in Europe, only tokens issued by “regulated companies” will be made available to the public, as mentioned in the company's statement.
According to Binance, some existing stablecoins may not meet the criteria and will therefore face restrictions.
As of June 30, it will no longer be possible to buy "unauthorized" stablecoins in Europe, according to Binance's statement.