ESMA has ordered unlicensed crypto firms to stop serving EU clients and wind down operations before the MiCA authorization deadline of July 1, 2026. The move ends the transitional period for the EU's unified crypto rulebook and limits services to orderly client exits while maintaining AML obligations.
Individuals using unlicensed services lack access to MiCA investor protections or assured safeguards for their holdings.
The authority cautioned that offshore operations cannot deliver regulated services to EU clients under any structure, such as business-to-business setups.
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The European Banking Authority published a consultation paper outlining fines of up to 12.5% of annual revenue for significant token issuers that violate MiCA rules. The framework arrives days before a July 1 licensing deadline that will force many crypto firms to halt EU operations or face exactly the penalties now detailed.
Binance has withdrawn its MiCA license application in Greece and will pursue authorization in another EU country instead. The decision comes days before a July 1 deadline that could force the exchange to shut down operations for millions of users across the bloc if it lacks a license in at least one member state.
Reuters reports that Greece’s HCMC is expected to reject Binance’s MiCA application before the June 30 deadline, forcing the exchange to cease EU operations. The decision would cut off the world’s largest crypto platform from EU residents and test the effectiveness of the bloc’s new harmonized licensing regime.
ESMA has warned that binary prediction-market event contracts functioning as financial instruments are prohibited for retail clients under the EU’s binary options ban. The move comes as platforms such as Kalshi and Polymarket expand rapidly and attract traditional-finance interest.
Revolut will stop supporting USDT purchases from July 6 and fully delist the stablecoin after Aug. 31, automatically converting leftover holdings. The move reflects ongoing European regulatory pressure on non-compliant stablecoins such as Tether's USDT.
