Spanish regulator rules out MiCA extensions for crypto firms

Spain’s securities regulator has ruled out extensions or waivers for crypto firms that do not obtain authorisation under the EU’s Markets in Crypto-Assets framework by July 1. CNMV chair Carlos San Basilio said “there will be no exceptions or extensions to the July 1 MiCA deadline” and that the commission is monitoring firms that remain without licences.

MiCA requires crypto-asset service providers to be authorised by an EU member state to continue full operations across the bloc. Firms that fail to secure approval must stop onboarding new EU customers and limit certain services for existing EU accounts from July 1. The rules cover exchanges and other firms within MiCA’s scope.

Binance has not secured authorisation from any EU national regulator and recently withdrew an application with Greece’s Hellenic Capital Market Commission. If it does not obtain approval before the deadline, the exchange will need to scale back services for EU users and stop new account registrations in the region on July 1. Other exchanges have obtained last-minute licences, but a major platform reducing services could affect many customers.

Industry figures have reacted to the regulatory pressure. OKX founder Mingxing Xu criticised rival platforms, accusing them of ignoring laws and misleading the public, and pointed to reports and court filings that tie some trading activity to risks such as money laundering, sanctions breaches and market manipulation. Binance did not respond to requests for comment.

Some EU users are already considering alternative venues. Kraken, operating as Payward, holds a Crypto Asset Service Provider licence from the Central Bank of Ireland and is positioned to accept EU customers under MiCA rules.

The CNMV said it will continue to engage with firms that remain without licences to understand their plans for compliance and to oversee the transition to the new regulatory framework.