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Crypto companies operating in the European Union face a major regulatory milestone on July 1 as the Markets in Crypto-Assets (MiCA) transition period comes to an end.
From that date, crypto-asset service providers without a MiCA license will no longer be allowed to serve EU customers, forcing many firms to either secure authorization, exit the market, or transfer users to licensed competitors.
The latest register published by the European Securities and Markets Authority (ESMA) shows only around 210 licensed crypto firms across the bloc, highlighting a sharp contrast with the more than 3,000 crypto companies that were registered across Europe before MiCA took effect.
MiCA was introduced to create a unified regulatory framework for crypto businesses across the EU. Once licensed in one member state, firms can “passport” their services throughout the bloc.
However, licensing progress has been slower than many expected. Industry estimates suggest that roughly 75% of firms that operated under previous national registration regimes may lose eligibility to serve EU customers after the deadline.
ESMA’s register lists 223 authorized crypto-asset service providers (CASPs) and 39 authorized crypto-asset white papers issued by crypto-asset issuers (VASPs/CASPs and issuers combined under the new framework) across the European Economic Area.
MiCA Transition Ends on July 1: Approximately 75% of EU Crypto Companies May Lose License
The EU’s MiCA transition period will end on July 1, after which crypto exchanges, brokers and wallet service providers without a MiCA license will no longer be able to serve EU users.
As… pic.twitter.com/WLR9qozwZ2
— Wu Blockchain (@WuBlockchain) June 15, 2026
Companies that fail to obtain approval must stop accepting new deposits and help customers withdraw or transfer assets to licensed providers. Regulators in several jurisdictions have also warned that non-compliant platforms could face public blacklisting, website blocking, and enforcement actions.
While major players including Coinbase, Kraken, and Bitstamp have secured MiCA licenses, other prominent exchanges like Binance are still awaiting approvals or have yet to receive authorization.
For most crypto users, the impact will depend on whether their chosen platform holds a valid MiCA license.
Customers of licensed exchanges are expected to experience minimal disruption. Others may be required to migrate accounts to newly licensed European entities, complete additional identity verification checks, or transfer funds to alternative providers.
France has emerged as one of the strictest jurisdictions ahead of the deadline. The country’s financial regulator, the Autorité des Marchés Financiers (AMF), has warned that operating without authorization after July 1 could constitute a criminal offense, carrying fines and potential legal consequences.
Regulators have encouraged users to verify whether their exchange appears in national registers or ESMA’s central database rather than relying on a platform’s continued availability online.
Beyond compliance, the deadline represents a broader test of MiCA’s promise to create a single European crypto market.
Critics have questioned whether licensing standards are being applied consistently across the EU, with some regulators processing applications faster than others.
If you are an EU-facing blockchain business, you have about 4 weeks' time to prepare for MiCA compliance. After that, no MiCA means no EU operations.
— Prashant Sharma | Infinilex ⚖️ (@prashant__sha) June 5, 2026
Concerns have also emerged that smaller crypto firms may struggle to meet the compliance costs required under the new framework, potentially consolidating market share among larger, well-funded institutions.
The stablecoin market has already demonstrated MiCA’s influence. Several exchanges removed Tether’s USDT from European offerings after it failed to meet regulatory requirements, while compliant alternatives such as Circle’s USDC gained ground.
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