The EU’s MiCA regulation reached its transitional deadline on July 1, forcing crypto firms to either secure a license or halt regulated services. Spain approved the platform Venga the same week, while Binance suspended crypto services in affected EU markets after withdrawing its application in Greece.
The European Union’s Markets in Crypto-Assets Regulation (MiCA) reached its transitional deadline on July 1, splitting the region’s crypto industry into firms that cleared the new bar and those forced out. Spain’s National Securities Market Commission (CNMV) authorized the platform Venga to operate under MiCA, making it one of fewer than 15 entities in the country to win approval. On the same day, Binance suspended crypto services in affected EU markets after withdrawing its MiCA application in Greece.
A narrow gate for crypto firms
The deadline forces digital asset firms running under legacy national rules to secure formal approval or stop regulated services inside the EU. Industry experts warn the hard deadline could disrupt an estimated 10 million crypto users across the trading bloc, pushing them toward compliant platforms as unapproved exchanges exit.
That attrition is steep. More than 3,000 crypto firms held localized virtual asset service provider registrations across the EU before MiCA’s rollout, yet only about 240 firms — roughly 8% — have secured full MiCA authorization, according to industry data. Venga’s authorization lets it passport services across the 27-nation bloc under one framework.
Michael Stroev, co-founder and chief executive of Venga, said the process weeds out firms that treated it as paperwork. According to Bitcoin.com News: “The reason is simple: MiCA is difficult and expensive,” Stroev said. In Spain, the CNMV issued MiCA licenses to major banks including BBVA, Santander and CaixaBank before native crypto firms.
Binance tells EU users their assets are safe
Binance issued the update after discontinuing services in affected markets, pursuing a new licensing route following its withdrawal in Greece. The centralized exchange said customer assets remain held on a 1:1 basis, with transfers and withdrawals available where applicable depending on user location and account status.
The company said it is contacting affected users directly and continues to engage with regulators as it seeks authorization. Ahead of the deadline, the European Securities and Markets Authority instructed unauthorized crypto firms to wind down operations, stop onboarding new clients, and keep communication with users clear.
Sources: Bitcoin.com News, Bitcoin.com News
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