Coinbase to Restrict European Users from Trading USDT, GUSD, GYEN, DAI, PAX, and PYUSD Starting December 13, 2024

Coinbase is set to restrict European users from trading certain stablecoins that do not comply with the EU's Markets in Crypto-Assets (MiCA) regulations, effective December 13, 2024.

The stablecoins affected include Tether's USDT, GUSD, GYEN, DAI, PAX, and PYUSD. Only USDC will remain available for trading on the platform.

This decision aligns with the enforcement of the MiCA regulations, which aim to provide a comprehensive regulatory framework for cryptocurrencies in the EU. The move follows increasing scrutiny of meme coin fraud globally, with regulators in the US, EU, and Hong Kong intensifying enforcement actions, including fines and fraud charges against influencers promoting fraudulent projects. High-profile cases, such as Kim Kardashian's $1.26 million penalty, highlight the regulatory priorities in the cryptocurrency space.

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