Binance, the world’s largest cryptocurrency exchange, has disabled copy trading services for its European users in preparation for the Market in Crypto Assets (MiCA) regulation.
Effective June 27, 2024, users must close all copy trading positions and transfer funds back to spot wallets.
This move aligns with MiCA, which aims to standardise crypto regulations across the EU, impacting stablecoin usage and other crypto activities.
Binance's adjustments also include changes to referral rewards and restrictions on unapproved stablecoins, signaling a shift towards compliance with EU regulatory standards.
MiCA represents a significant step in creating a unified framework for crypto assets in Europe, fostering legal clarity and investor protection while aiming to prevent fraud and ensure compliance with financial laws.