Binance to stop serving EU customers after failing to secure MiCA license
What's happening
Binance has told EU customers it will stop providing services from 1 July after failing to secure a licence under the EU's Markets in Crypto-Assets (MiCA) regulation. The MiCA enforcement phase starts 1 July, allowing firms with MiCA CASP authorisations to scale across the European Economic Area, while unlicensed players like Binance face service restrictions. Licensed exchanges are racing to attract Binance's displaced users with bonuses, promotions and cash incentives. Separately, Nebeus has been authorised by Spain's CNMV as a MiCA CASP, making it one of the first firms able to passport services across the EEA.
Why it's trending
The MiCA licensing deadline goes into full effect on 1 July, forcing unlicensed exchanges to stop EU operations and prompting competitors to woo their customers now.
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If Binance exits the EU on July 1, that could be the best thing for European crypto, competition will finally be between licensed players, not regulatory dodges.
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Original sources6
- Nebeus receives MiCA CASP authorisation
Nebeus has been authorised by Spain's CNMV as a Crypto-Asset Service Provider (CASP) under the EU's Markets in Crypto-Assets (MiCA) regulation, placing the Barcelona-based fintech among the first regulated firms able to passport digital asset services across the European Economic Area.
FinextraJul 1 - The MiCA status of Binance, Coinbase, and more in Europe
The Markets in Crypto Assets (MiCA) deadline has shut and from today (1 July), those who have obtained a licence can scale their operations across Europe, while those who have not face missing out on a burgeoning crypto market. The deadline to operate in Europe’s crypto asset market has closed today (1 July), requiring all […]
Payment ExpertJul 1 - Europe’s Crypto Reset Begins: Who’s In, Who’s Out Under MiCA
Cryptocurrency has spent 15 years asking if regulators could catch up. Markets in Crypto-Assets Regulation (MiCA), the landmark digital asset regulatory framework that goes into full effect across the European Union’s 27 member nations Wednesday (July 1), asks a different question. Can crypto companies operate inside the financial system? MiCA policy architecture does more than […] The post
PYMNTSJun 30
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