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Coinbase sets Oct. 30 deadline to withdraw 14 MiCA-restricted stablecoins in EEA

Coinbase has notified retail users across the European Economic Area to withdraw 14 non-compliant stablecoins by Oct. 30 or have their balances automatically converted under EU MiCA rules.

Coinbase logo on a blue background
Image: @WuBlockchain

Coinbase has directed retail users in the European Economic Area to withdraw 14 stablecoins ahead of an Oct. 30 deadline, according to exchange support materials reported by CryptoSlate and Wu Blockchain. The action follows compliance requirements under the European Union's Markets in Crypto-Assets regulation. Buying, selling, and trading conversions for these tokens have already been halted on the platform, leaving withdrawal to an external wallet as the only option for users seeking to retain their holdings.[1][3][4][5]

The 14 designated assets are USDT, PAX, PYUSD, GUSD, GYEN, DAI, BUST, UST, RAI, PAXG, MUSD, USD1, USDS, and TGBP. According to Wu Blockchain, the restricted tokens include stablecoins issued by Tether, PayPal, and Trump-linked World Liberty Financial.[1][3][4]

Any remaining balances on Oct. 30 will undergo a one-time automatic conversion at prevailing market rates into USDC where suitable, or into another supported crypto asset or currency. Coinbase also cautioned users not to send any non-compliant tokens to the platform, noting that deposits received after the Oct. 30 deadline will not be credited or converted, and asset recovery cannot be guaranteed.[1][3][5]

Key facts

  • Coinbase is discontinuing support for 14 stablecoins for European Economic Area retail customers under EU MiCA compliance measures.
  • The affected assets are USDT, PAX, PYUSD, GUSD, GYEN, DAI, BUST, UST, RAI, PAXG, MUSD, USD1, USDS, and TGBP.
  • The restrictions impact tokens issued by Tether, PayPal, and Trump-linked World Liberty Financial, among others.
  • Buying, selling, and converting the restricted assets are already blocked on Coinbase, leaving external withdrawals as the only option.
  • Balances held after Oct. 30 will be automatically converted at market rates into USDC where suitable, or into another supported asset.
  • Deposits sent after Oct. 30 will not be credited or converted, and recovery is not guaranteed.

Sources 路 5 sources

  1. CB

    Crypto Briefing@Crypto_BriefingPost on X 路

    馃嚜馃嚭 NEW: Coinbase will stop supporting 14 stablecoins in the EEA, giving customers until October 30 to withdraw balances before automatic conversion. https://t.co/NrXsVOzQkN

    Open source
  2. CB

    Crypto BriefingArticle 路

    Coinbase to end support for 14 stablecoins in Europe under MiCA rules Coinbase's compliance with MiCA may reshape EEA crypto markets, prompting users to reassess asset strategies and regulatory impacts. The post Coinbase to end support for 14 stablecoins in Europe under MiCA rules appeared first on Crypto Briefing .

    Open source
  3. WB

    Wu Blockchain@WuBlockchainPost on X 路

    Coinbase to Automatically Convert 14 Restricted Crypto Assets for EEA Users on October 30 Under Coinbase's previously announced MiCA compliance measures, retail users in the European Economic Area (EEA) must withdraw 14 restricted crypto assets, including USDT, PYUSD, USD1, DAI, and PAXG, before October 30. On that date, Coinbase will automatically convert remaining balances into USDC or other supported assets or currencies at prevailing market rates. Trading and conversions of these assets have already been restricted. Coinbase warned that deposits received after the deadline will not be credited to user accounts or included in the automatic conversion process, and recovery cannot be guaranteed. The restrictions affect assets issued by Tether, PayPal, and Trump-linked World Liberty Financial, among others.

    Open source
  4. CR

    CryptoSlateArticle 路

    Coinbase sets 3-day MiCA deadline for USDT, PayPal and Trump-linked stablecoins Affected retail balances will convert at market rates, with USDC used where suitable and late deposits excluded. Read the full story on CryptoSlate Understand the crypto stories that matter and what to watch next. Get The Catalyst in your inbox

    Open source
  5. CR

    CryptoSlate@CryptoSlatePost on X 路

    Coinbase tells EEA retail customers to withdraw 14 restricted assets before Oct. 30 or have them automatically converted at market rates. Deposits sent after Oct. 30 won't be credited, and recovery isn't guaranteed. via @hardeyjumoh https://t.co/g2f0PSQEGE

    Open source