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This Altcoin Bids Farewell Following Binance’s Announcement: Users Given Deadline Until…
This Altcoin Bids Farewell Following Binance’s Announcement: Users Given Deadline Until August 30th
After Binance unveiled its plans to potentially delist certain altcoins in Europe, another company has taken a similar step.
Author:
Mete Demiralp
04.06.2024 – 19:03
Update:
9 hours ago
0
Lugh, a provider of stablecoins in Europe, has announced the cessation of issuance of its Euro-pegged stablecoin EURL due to the implementation of the European Union’s Crypto Asset Markets Directive (MiCA).
As stated on its website, the company ensures the repurchase of existing EURLs until August 30, 2024.
This development follows Binance’s announcement, the leading cryptocurrency exchange globally in terms of trading volume, that it will soon restrict the availability of “unregulated” stablecoins in the EU. While Binance did not explicitly mention major stablecoins like Tether’s USDT and Circle’s USDC, there are growing concerns that European citizens may encounter restrictions in accessing these popular tokens due to MiCA.
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Lugh’s Euro-pegged EURL token has experienced a significant decrease in circulation in recent months. Data from DefiLlama reveals that EURL’s circulation has dropped from approximately $2.8 million in March to around $32,000 as of today, indicating that most holders have likely already exchanged their tokens for cash.
Lugh has provided a refund option for token holders on its website. The company has emphasized that it guarantees a 1:1 backing of all EURLs through its reserve account held at Société Générale, which is audited monthly by Deloitte.
*This article does not provide investment advice.
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