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Coinbase's One-Time MiCA Stablecoin Conversion Runs Friday for EEA Users
Any of 14 stablecoins still sitting in EEA retail Coinbase accounts on Friday, Oct.
30, will be swapped out by Coinbase (COIN), which says in a help-center notice that the tokens fall short of the EU's Markets in Crypto-Assets (MiCA) rules. Buying, selling and converting all of them on Coinbase in the European Economic Area is already restricted.
Holders who want to keep the tokens have to move them to an external wallet by Oct. 30; Coinbase says withdrawal is the only option left.
Coinbase's help page has carried the deadline since at least mid-October. Get Unchained's crypto news in your inbox with the free Unchained Daily newsletter.
How the Conversion Works Whatever is still on the platform on Oct. 30 gets swapped at the market rate when the conversion runs.
The proceeds land in USDC where Coinbase considers that suitable, and otherwise in another crypto asset or currency the exchange supports. "This is a one-time conversion of the balance held on that date," the notice says. Tokens sent to a Coinbase account after the deadline won't be credited, traded or converted.
Earlier coverage
Reported by unchainedcrypto.com.
