MiCA CASP Register

Revolut announced it will remove USDT from its EU/EEA platform in August, with the decision driven by MiCA's requirement for stablecoin issuers to hold an e-money or asset-referenced token licence.

National regulators across the EU face significant practical hurdles enforcing MiCA now that the transition period has ended, with cross-border jurisdiction and supervisory resources cited as key obstacles.

Standard Chartered was included in ESMA's first update to the CASP public register since the July 1 enforcement deadline, adding to the count of authorised crypto-asset service providers across the EEA.

Binance's EU chief argued that MiCA's success should be measured by the quality and breadth of firms it authorises rather than those it excluded, in a defence of the framework after Binance failed to secure a licence.

Three years after MiCA was enacted, EU lawmakers and regulators are already reviewing parts of the framework in light of enforcement gaps, passporting ambiguities, and evolving DeFi and stablecoin markets.

A final wave of CASP authorisations was granted across several EU member states in the days immediately before the July 1 transition deadline, bringing the total number of licensed providers to a new high.

The full activation of MiCA's CASP provisions has sparked debate over whether the framework favours incumbent financial institutions over crypto-native firms, with licensing patterns so far skewing towards established players.

Poland has yet to pass the national legislation required to designate a CASP supervisor, leaving it the sole EU member state unable to issue MiCA authorisations.

With the July 1 deadline arrived, The Block analyses which exchanges gained EU-wide licences, which pulled out, and what the fully-operative MiCA framework means for the market.

Several crypto businesses are reportedly evaluating Dubai as an alternative hub after failing to secure MiCA authorisation ahead of the July 1 enforcement date.

ESMA clarified that EU clients must be served through a MiCA-authorised entity after July 1; Binance's transition plan, potentially routing some EU users through its Abu Dhabi entity, drew legal questions about reverse solicitation.

As Binance restricted services in several EU markets ahead of the July 1 deadline, Coinbase, Kraken and OKX each signalled readiness to onboard affected European users.

BaFin-issued licences pushed Germany to the top of the CASP authorisation table, with the total register count reaching 244 entities across the EEA.

Binance saw significant outflows in the days before the July 1 MiCA transition, coinciding with service restriction announcements for France, Spain, Italy and Poland.

Analysis estimates up to 10 million EU crypto users may need to migrate to a MiCA-licensed platform as unlicensed exchanges wind down EU services around the July 1 deadline.

Exchanges and brokers that failed to obtain CASP authorisation before the July 1 enforcement date face the prospect of exiting EU markets entirely or operating illegally.

Spain's CNMV confirmed there will be no grace period beyond July 1 for firms not yet MiCA-authorised, raising pressure on exchanges still operating under transitional arrangements.

Coinbase and OKX launched targeted campaigns to attract Binance's estimated 450 million EU-based users following Binance's failure to secure a MiCA CASP licence.

Binance formally notified its European user base that it will cease providing crypto-asset services in the EU following its inability to obtain a MiCA CASP authorisation.

Kanga received CASP authorisation from Latvia's regulator, giving the Polish exchange an EU-wide passport ahead of the July 1 deadline.

Binance withdrew its Greece-filed MiCA application and indicated it is pursuing alternative licensing paths within the EU ahead of the transition deadline.

Binance confirmed it has withdrawn its MiCA licence application filed via Greece while stating it remains committed to operating in the European market through alternative routes.

Payments infrastructure firm OpenPayd obtained a MiCA CASP licence, positioning itself to offer stablecoin settlement services to European clients.

Ripple received a preliminary CASP authorisation, enabling it to offer regulated crypto-asset services across the EEA before the July 1 transition.

Ukrainian-founded exchange WhiteBIT obtained a CASP licence from Austria's FMA, gaining access to EU markets under the MiCA passporting framework.

Legal and regulatory commentary examined whether the ECB played an informal role in Binance's licensing difficulties, and what it signals for future CASP applications.