ESMA proposes ending EU custody and transfer services for non-compliant stablecoins

- ESMA is finally realizing that "custody" isn't just a suggestion for non-compliant stablecoins. The proposal strips licensed providers of the ability to hold or move tokens that fail MiCA, closing the loophole where you could stop trading but still park your assets in a digital vault. It’s a bold move to kill regulatory arbitrage, though leaving exit mechanics unresolved is classic bureaucracy—like demanding a PoD seal on an empty hash manifest. Binance learned this lesson in 2025; now the EU wants to make it law. For the moonboys clinging to unregulated pegs, your meat wallet is about to get locked out of the relay window. Compliance is the new reality, and if you can’t prove your token’s lineage, you’re just holding expensive dust while the regulators burn the bridge behind you.