Can an exchange obtain a MiCA license after July 1? Here's what the regulation says

Updated on June 26, 2026

July 1, 2026, has taken root in the European crypto community’s collective imagination as an «all-or-nothing» date: either you have a MiCA license, or you disappear from the regulatory landscape. It’s an understandable simplification, but not entirely accurate. Regulation (EU) 2023/1114 does not make that date a final verdict for exchanges that fail to obtain authorization in time. What it does do is abruptly end the grace period that has allowed them to operate under older national registrations until now. From that point on, the clock stops for any unlicensed platform, but it doesn’t stop forever.

What the regulations say exactly

Article 143 of MiCA, which governs transitional measures, sets the end of the transition period as July 1, 2026, or the date on which the regulator formally grants or denies authorization, whichever comes first. In other words, the deadline is not a wall that closes and never reopens: it is the point at which the temporary grace period—which until now has allowed exchanges to continue operating under their existing national registrations while they applied for their CASP license—comes to an end.

As of that date, no exchange can legally operate in the European market without full authorization. However, the regulation does not establish any penalties that would prevent a platform from applying for and obtaining the license at a later date. Simply put: July 1 is not the date on which the «right» to be regulated in Europe is “lost”; it is the date on which anything other than a full license ceases to be valid.

«Out until you follow the rules,» not «out forever»

The key lies in understanding exactly what obligations arise on July 1 for an unlicensed platform. The regulation—and the guidelines issued by the European Securities and Markets Authority (ESMA) to support its implementation—require these entities to immediately stop acquiring new European clients, cease all advertising and marketing activities targeting the EU, and limit their operations exclusively to allowing existing users to sell, transfer, or close their positions. Assets may only be held in custody for the time strictly necessary to complete this orderly exit.

None of these requirements are permanent or irreversible. If the platform obtains CASP authorization at any time after July 1, it immediately regains the legal capacity to provide services to European customers as of the day the authorization is granted. What it cannot do under any circumstances is continue to operate normally during the interim period—that is, between the end of the transition period and the exact day it finally receives regulatory approval.

Why This Isn't Just Theory: The Binance Case

This scenario is not hypothetical: it is exactly the situation Binance, the world’s largest exchange by volume, finds itself in today. On June 24, the platform withdrew its MiCA license application in Greece after it became clear that the Greek regulator was set to reject it, and it has confirmed that it will submit a new application in another member state, although inevitably after the June 30 deadline.

In its statement to users, the company has been explicit about how it views its own situation: «Our ambitions in Europe have not changed, and we are confident that we will obtain a MiCA license in the coming months.» It does not mention a permanent shutdown, but rather a process that will resume in another country. In the meantime, Binance has provided detailed information on what will happen starting July 1: transactions involving the exchange of cryptocurrencies or fiat currency—such as the buying and selling of assets, swaps, new token launches, reward programs, or loans—will be suspended, but users will still be able to withdraw their digital assets without a deadline, even after that date. Open margin positions will be automatically liquidated, and trades already initiated will have 48 hours to be executed before being canceled.

This is exactly the scenario described in the regulations: the cessation of active business operations, but not compulsory liquidation or the loss of the user’s assets. And, above all, a door that remains open for the business to become compliant at a later date.

What remains unchanged in the meantime: MiCA protections do not apply

Here’s the nuance that’s important to keep in mind: Just because an exchange may obtain a license at a later date doesn’t mean that the interim period is risk-free for those who choose to remain on the platform. Until authorization is granted, that platform operates outside the scope of MiCA, and this has specific consequences: there is no legal obligation to segregate client funds from the company’s own funds, as required by Article 70 of the regulation; no European supervisory authority—not the CNMV, BaFin, or any other national regulator—has jurisdiction to intervene if something goes wrong during that period; and users who maintain open positions on an unauthorized platform do not benefit from any of the safeguards that do protect clients of a licensed CASP.

That is why ESMA has emphasized, in its June 23 statement addressed to all unauthorized providers, that these companies must inform their clients «clearly, promptly, and repeatedly» about liquidation plans and available timeframes, and has directly recommended that users of unauthorized platforms transfer their cryptoassets to a licensed CASP or a self-custody wallet while the uncertainty persists.

Other cases in the same situation

Binance isn't the only major platform caught up in this regulatory waiting game. Bitget, for example, applied for its license in Austria in 2025 and has projected a decision for the second quarter of 2026, voluntarily announcing that it will refrain from providing services in the European Economic Area until it obtains the license, rather than operating in limbo. Other high-volume platforms, such as MEXC, have not even made an active application public, which puts them in an even weaker regulatory position ahead of July 1.

The pattern that repeats itself in all these cases is the same: the failure to obtain a license on time does not necessarily spell the end of the platform’s operations in Europe, but it does mark the beginning of a period without a regulatory safety net for those who decide to continue relying on it in the meantime.

The difference between waiting for a license and operating without one

Ultimately, the message for users has two layers. The first is that the lack of a license as of July 1 does not amount to a permanent ban: an exchange can apply for authorization in another country, obtain it months later, and fully regain its ability to operate in the EU from that point on. The second, which is more relevant in the immediate term, is that this waiting period comes at a cost for those who hold funds on the platform during the interim: the safeguards promised by MiCA—such as asset segregation, European oversight, and clear procedures in the event of bankruptcy— only take effect on the day the license is granted, not before.

Exchanges Regulated by MiCA as of June 26, 2026

This is the list of exchanges that have a verified CASP license as of today and can operate normally in the 30 countries of the European Economic Area, regardless of what happens with the platforms that are still in the process of obtaining their authorization:

Binance is not yet on this list. The company has withdrawn its application in Greece, and with six days remaining until the end of the transition period, it does not hold a CASP license in any member state. If it obtains authorization in another country in the coming months, as it has announced, it will be added to this list as soon as the relevant regulator confirms it.