Coinbase to Restrict Stablecoin Trading in Europe Starting December 2024

Coinbase has notified its European customers about upcoming restrictions on certain stablecoins, which will be enforced due to the upcoming Markets in Cryptoassets (MiCA) regulatory framework.

These changes will apply to users of Coinbase Europe Limited and Coinbase Germany GmbH, starting on December 13, 2024, at 11:59 AM ET.

In the notification sent to users, Coinbase explained that several stablecoins will be restricted because they do not meet the requirements set out by MiCA. The affected stablecoins include USDT, PAX, PYUSD, GUSD, GYEN, and DAI, which will be categorized as “MiCA-restricted assets.”

Although services for these restricted stablecoins will be suspended, Coinbase assured customers that USDC and EURC, which are compliant with MiCA regulations, will remain available for trading, storage, and transfers.

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Starting December 13, 2024, Coinbase Europe Limited and Coinbase Germany GmbH users will no longer be able to trade, buy, or exchange the restricted stablecoins. Additionally, users will not be able to store these assets on Coinbase’s platform, and transfers of these stablecoins to Coinbase accounts will be blocked.

Alexander Zdravkov