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On March 4, 2025, Binance announced that starting March 31, it would delist non-compliant stablecoins such as USDT, FDUSD, TUSD, and DAI for users in the European Economic Area (EEA), triggering market concerns about a 'bear market signal.' However, when analyzing regulatory logic and market background, this adjustment should be viewed as an inevitable process of industry compliance rather than a sign of systemic risk.
1. Essence of the event: Regulatory adaptation under the MiCA framework.
According to the EU MiCA regulations, stablecoin issuers must meet strict conditions such as capital reserves, transparency, and redemption mechanisms. The stablecoins delisted by Binance this time did not pass MiCA certification, while compliant assets like USDC and EURI were retained. This reflects an active cooperation with regulations by the exchange, rather than a proactive scaling back of business. Similar adjustments have precedent: in 2024, when Binance US delisted TRX and SPELL due to compliance issues, it also retained TRC-20 USDT and USDC, indicating that regional policy adjustments are a norm in the industry.