Key Takeaways
- Despite MiCA being in effect for six months, major crypto firms like Tether and Binance have not secured authorization to operate in the EU.
- So far, 59 licenses have been issued across the EU—39 to crypto-asset service providers (CASPs) and 14 to stablecoin issuers.
- Blockchain lawyer Diana Stetiu told CCN that MiCA has ushered institutional-grade expectations into the crypto world.
Six months into the rollout of the EU’s historic Markets in Crypto-Assets (MiCA) regulation, some of the crypto industry’s biggest players still have not secured authorization to operate within the bloc.
At press time, 53 crypto firms were authorized to operate across the EU.
However, two of the world’s leading crypto firms—Tether and Binance—remain absent from the crucial compliance list.
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Europe’s Crypto Licensing Race
Patrick Hansen, EU Policy Head at Circle, reported that a total of 59 crypto-asset service providers (CASPs) and stablecoin issuers have been authorized under MiCA.
This includes 39 CASPs and 14 stablecoin issuers granted licenses since the regulation was enacted six months ago.
In the stablecoin category, 14 issuers from seven EU countries have secured licenses. France, Germany, and the Netherlands are leading, with three licensed firms each.
Germany and the Netherlands are also at the forefront in CASP licenses, with 12 and 11 firms licensed respectively.
Hansen noted that the licensed CASPs include a mix of traditional finance, fintech, and crypto-native companies.
Among the most prominent names to receive licenses so far are Coinbase, Kraken, and OKX.
Traditional fintech players such as Robinhood and BBVA have also obtained licenses.
Tether: A Strategic Move?
Tether, the world’s largest stablecoin issuer, remains notably absent from the compliance list—a move that appears strategic, given both regulatory friction and market focus.
MiCA introduces strict conditions on stablecoin reserves, including a requirement that 60% of assets backing stablecoins be held in EU-regulated institutions.
Tether, which backs its USDT token largely with U.S. Treasuries and provides attestations rather than full independent audits, has voiced objections to MiCA’s requirements.
CEO Paolo Ardoino has publicly questioned whether the reserve rules could actually increase systemic risks and reduce user freedoms.
He suggested the measures might backfire by making stablecoins more vulnerable rather than more resilient.
At the same time, Tether’s strategic focus appears to be on emerging markets in Latin America, Africa, and Asia—regions with lower regulatory barriers and higher demand for dollar-backed digital currencies.
For now, the company seems willing to forego EU market access in favor of global liquidity and operational flexibility.
Binance: Complicated and Drowning in Legal Issues
Binance’s absence from the official compliance list is more complex, stemming from years of legal battles and regulatory skepticism.
The company has faced fines or bans in several jurisdictions, including the U.S., the U.K., and various parts of the EU, over unlicensed operations and anti-money laundering compliance failures.
MiCA mandates that crypto firms establish a clearly regulated legal entity within the EU and meet strict governance and risk management standards.
Binance’s historically decentralized and opaque corporate structure has made compliance difficult.
While the company has made efforts to engage with European regulators—such as appointing a regional head and applying for local licenses in selected EU member states—it has not yet secured full MiCA approval.
MiCA Implications
Although MiCA officially came into effect on Dec. 30, 2024, an 18-month transitional period allows CASPs to continue operating under existing national licenses until July 1, 2026.
However, even within the first six months, the impact on European users is already being felt.
USDT, previously the dominant stablecoin on European exchanges, is being increasingly delisted from platforms like Coinbase and Kraken due to MiCA’s regulatory restrictions.
Meanwhile, Binance users within the EU are facing service limitations and may soon need to migrate to locally compliant platforms.
Diana Stetiu, a blockchain lawyer and MiCA Licensing Coordinator at Ari10, told CCN that crypto-asset service providers need to show regulators they are serious if they want to secure licenses.
“CASPs will have to build solid systems for risk management, compliance, audit functions, and clear reporting lines,” Stetiu said.
“It’s about showing regulators that you’re not just secure, but resilient—able to handle both routine operations and crisis situations,” she added.
According to Stetiu, MiCA is ushering institutional-grade expectations into the crypto world.
“Regulators are going to look beyond the pitch deck—they want to see real governance, compliance infrastructure, and client protection mechanism,” she said.
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Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
