Key facts
- Coinbase customers in the EEA have until October 30 to withdraw 14 restricted crypto assets.
- Restricted assets include USDT, PYUSD, USD1, DAI, PAXG, PAX, GUSD, GYEN, BUST, UST, RAI, MUSD, USDS, and TGBP.
- Balances not withdrawn by the deadline will be automatically converted to USDC at market rates.
- The restrictions are due to Europe's Markets in Crypto-Assets (MiCA) regulation on stablecoin issuers.
Coinbase has informed its European Economic Area retail customers that they have until October 30 to withdraw 14 specific crypto assets. The exchange is enforcing new European stablecoin rules, which require authorization for issuers. Assets not withdrawn by the deadline will be automatically converted to USDC at market rates. The restricted tokens include USDT, PYUSD, DAI, and PAXG, among others. Coinbase stated that these changes are in line with the Markets in Crypto-Assets (MiCA) regulation. Customers must move their assets to external wallets before the deadline to retain them, as remaining balances will be converted once. Deposits of these assets after October 30 will not be recognized.