Coinbase will convert 14 restricted assets, including USDT, DAI and PYUSD, at prevailing market rates on October 30, using USDC where suitable. EEA customers must withdraw affected assets to
Coinbase will automatically convert remaining balances of 14 restricted crypto assets held by retail customers in the European Economic Area (EEA) on October 30, 2026. The exchange introduced the measure to comply with the European Union's Markets in Crypto-Assets Regulation (MiCA). Affected customers must withdraw their holdings before the deadline to retain them in external wallets.
https://twitter.com/WuBlockchain/status/2115101238668988844?a=5D-7WooJg8KRL0uTwQc&s=20According to Coinbase, the affected assets include USDT, PAX, PYUSD, GUSD, GYEN, DAI, BUST, UST, RAI, PAXG, MUSD, USD1, USDS and TGBP. These assets include stablecoins associated with Tether, PayPal and World Liberty Financial.
Coinbase has already restricted buying, selling and converting the affected assets. Consequently, withdrawing them to an external wallet remains the only available option for customers wishing to keep holding them.
The exchange will convert remaining balances at prevailing market rates on October 30. It will use USDC where suitable, or another supported crypto asset or currency otherwise. The conversion applies once to balances held on that date.
Coinbase said MiCA affects services involving stablecoins that fail to meet the regulation's requirements. The transitional period for stablecoin issuers ended July 1, 2026, without an extension.
Under the rules, affected assets qualify as either e-money tokens or asset-referenced tokens. Coinbase Luxembourg S.A. provides crypto-asset services to EEA customers and holds authorization under MiCA from Luxembourg's financial regulator, the CSSF.
Coinbase also reviews supported assets as regulatory requirements change. If an affected stablecoin becomes MiCA-compliant, the exchange may reassess whether to support it again. However, renewed support would not reverse a completed conversion.
Coinbase warned customers against sending affected assets after October 30. Late deposits will not appear in account balances, support trading or transfers, or qualify for automatic conversion.
Where technically possible, customers may attempt recovery through Coinbase's unsupported crypto recovery process. However, recovery depends on the asset and network, and success is not guaranteed.
Additionally, converting one crypto asset into another may create a taxable event in some jurisdictions. Coinbase says customers must determine their tax obligations independently, consulting a tax adviser when necessary.
