Coinbase will automatically convert 14 restricted crypto assets remaining in retail users’ accounts in the European Economic Area on October 30, and deposits made after the deadline will not be credited to accounts.
According to Wu Blockchain, the measure will be implemented as part of the MiCA compliance measures previously announced by the exchange. Affected users must withdraw the assets before October 30 to remove them from their accounts in their current form.
The restricted assets include USDT, PYUSD, USD1, DAI and PAXG. Trading and conversion of these assets are already restricted; the next step will be the automatic conversion of any balances remaining in accounts.
What will happen to assets remaining in accounts?
On October 30, remaining balances will be converted at the market rates in effect on that date into USDC or another supported asset or currency. The measure applies to retail accounts in the European Economic Area.
The issuers of assets affected by the measure include Tether, PayPal and Trump-linked World Liberty Financial.
Important warning about deposits made after the deadline
According to Coinbase’s warning, restricted assets sent to the exchange after the deadline will not be credited to users’ accounts and will not be included in the automatic conversion. The recovery of assets from these transfers is also not guaranteed.
Therefore, the conversion schedule concerns not only users who already have balances in their accounts, but also those planning to send affected assets to these accounts.
Not investment advice.