MiCA

A final wave of MiCA approvals expanded Europe's roster of licensed crypto firms as the transitional period came to a close.

ESMA said EU crypto clients must be served through a MiCA-authorized entity as Binance faces questions over its servicing model in the region after the MiCA deadline.

Several exchanges that have already been authorized by EU regulators are attempting to bring in users from companies unlicensed under the Markets in Crypto-Assets rules, offering transfer bonuses and prizes.

MiCA crypto licensing data shows 243 approved companies across EU and EEA jurisdictions, led by Germany with France and the Netherlands also among top hubs ahead of July 1 cliff.

Early exchange flow data show no clear signs of a mass migration from Binance ahead of the EU MiCA transition deadline, despite rivals' efforts to attract users.

Carlos San Basilio said that “there will be no exceptions ​or extensions” to the MiCA deadline requiring crypto exchanges offering services to EU-based users to be licensed.

Binance will limit EU onboarding and services from July 1 under MiCA rules after failing to gain authorization from a member state, while withdrawals remain available for users.

Poland-founded crypto exchange Kanga has secured a Class 3 MiCA license in Latvia, enabling EU-wide crypto services as Polish lawmakers debate framework's implementation.

Binance said it plans to seek authorization in another EU jurisdiction just days ahead of the July 1 MiCA deadline, as unlicensed crypto firms are expected to wind down activities in the bloc.