Spain’s markets watchdog has signaled it won’t bend the rules: the country will not grant extensions to the EU’s fast-approaching MiCA registration deadline, putting pressure on major crypto platforms — including Binance — to secure licensing or stop operating in the bloc.
Under the EU’s Markets in Crypto‑Assets (MiCA) framework, crypto firms must register with an EU member state by July 1 to continue serving European customers. Firms that fail to do so must cease activity; after the deadline, European users will be unable to complete transactions with unauthorized crypto service providers.
Binance, the world’s largest exchange, had tried to register under MiCA in Greece but withdrew that application this week after reports Greece was unlikely to approve it. The exchange is now seeking a license in another member state, but faces the real prospect of temporarily winding down operations in Europe when the July 1 clock runs out.
Carlos San Basilio, chair of Spain’s National Securities Market Commission (CNMV), told Reuters there will be “no exceptions or extensions” to the deadline. He said regulators are closely watching how major platforms respond as the transitional period ends and stressed the importance of orderly adaptation to the new regulatory environment.
Spanish regulators say they are in touch with large crypto firms that remain unlicensed to ensure they have contingency plans to transfer client assets and protect investor rights. Once a firm secures a MiCA registration in one member state, it can “passport” that authorization across the EU — though application processes and regulatory cultures vary significantly across member states, from more permissive jurisdictions like Cyprus and Malta to stricter regimes such as France and Germany.
The coming days could reshape Europe’s crypto landscape: firms that fail to lock in MiCA compliance risk suspension of services to European customers, while those that do secure licenses may gain broader access to the single market.
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