Note: This announcement is only applicable to users in the European Economic Area (EEA). Users in regions outside the EEA can disregard this announcement.
Effective July 2024, the European Economic Area (EEA) will bring all stablecoins currently circulating in the EU under regulation under the MiCA Regulation.
To comply with MiCA regulations and ensure asset security for users, ONUS will implement adjustments for stablecoins within the regulations, specifically for Tether (USDT) currently listed on ONUS.
1. MiCA Regulation Implementation Plan for Stablecoins on ONUS
ONUS will close USDT-related asset features for EEA users starting from July 4, 2024. Specifically:
- Conversion/Trade: Users can only sell USDT to other cryptocurrencies, and cannot convert to buy USDT.
- P2P Trading: P2P trading for USDT assets will be closed.
- Farming: USDT deposits into Farming Pools will be stopped.
- Futures: USDT deposits into the Futures feature will be stopped.
2. About the European MiCA (Market in Crypto Assets) Regulation
The Markets in Crypto Assets (MiCA) Regulation was officially adopted as law in 2023 after three years of collaboration by European governments to establish a regulatory framework. The MiCA aims to establish uniform market rules for crypto asset transactions across the EU.
The MiCA currently prioritizes Euro (EUR)-backed stablecoins to enhance transparency in the European crypto market. Consequently, many major USD-backed stablecoins like USDT, DAI, FRAX, USDP, TUSD, etc., will be classified as “Unauthorized Stablecoins” and restricted from trading within the EEA.
ONUS is committed to complying with MiCA regulations and ensuring a safe and compliant crypto trading experience for all our users. We will continue to monitor the situation and make adjustments as needed.
Thank you for your support,
ONUS Team.
