On July 1, 2026, the MiCA transition period (Regulation (EU) 2023/1114) ended throughout the European Union. It is no longer a future deadline—it is now the law in effect. And yet, nearly three months later, most of the market continues to operate outside this framework. Of the world’s 100 largest exchanges by volume, only 16 have a verified CASP (Crypto Asset Service Provider) authorization in the official ESMA registry. In other words, 84 out of 100 cannot, in theory, legally onboard new customers in the EU.
This list includes the exchanges most frequently mentioned by our readers that, as of today, do not appear in that registry.
Exchanges without a confirmed MiCA license
| # | Exchange | Status | Regulatory Situation |
|---|---|---|---|
| 01 | Binance | Without License | It voluntarily withdrew its application in Greece on June 24, 2026, in anticipation of a rejection by the Greek regulator (HCMC) due to concerns about its history of regulatory sanctions and the suitability of its executives. As of July 1, 2026, it has suspended new user registrations, deposits, and spot purchases for EU users; withdrawals remain available. |
| 02 | MEXC | Without License | No application is known to have been filed in any Member State. It was also flagged by the Dutch supervisory authority (AFM) on ESMA’s warning list for providing services without the required authorization. |
| 03 | HTX (Huobi) | Without License | No application is known to have been filed in any Member State. |
| 04 | Phemex | Without License | No application is known to have been filed in any Member State. |
| 05 | BingX | Without License | No application is known to have been filed in any Member State. |
| 06 | Poloniex | Without License | No application is known to have been filed in any Member State. |
| 07 | DigiFinex | Without License | No application is known to have been filed in any Member State. |
| 08 | LBank | Without License | No application is known to have been filed in any Member State. |
| 09 | CoinEx | Without License | No application is known to have been filed in any Member State. |
| 10 | Bitmart | Without License | No application is known to have been filed in any Member State. |
| 11 | Bitget | Without License | It filed an application in Austria in 2025, but officially announced that it will not provide services in the EEA until it obtains CASP authorization. The application is still pending. |
| 12 | KuCoin (Global) | Without License | KuCoin EU Exchange GmbH obtained its MiCA license on November 27, 2025, and is authorized to operate in the EU. The global entity (kucoin.com) is a legally separate company and is not covered by this license. |
| 13 | Bybit (Global) | Without License | Bybit EU GmbH (Austria) has been licensed since May 28, 2025, and operates legally through bybit.eu. The global entity (bybit.com) is not authorized. |
What Does Operating Without a MiCA License Really Mean Today?
As of July 1, 2026, any exchange that provides services to EU customers without CASP authorization is in direct violation of European law. Some national regulators, such as the French regulator, already classify this as a criminal offense.
Here's what you stand to lose as a user if you use an unlicensed platform:
- No segregation of assets. An authorized CASP must keep its clients' funds separate from the company's capital. Without a license, there is no such obligation under any European regulator, and your funds could be treated as just another company asset in the event of problems.
- No supervisor to complain to. MiCA requires a minimum capital requirement (between 50,000 and 150,000 euros, depending on the service) and a complaints process supervised by a national authority. Without a license, that process does not exist.
- Without a European passport. A license obtained in one Member State automatically covers all 27 EU countries. Without it, an exchange lacks that backing and may face different circumstances in each country.
- Risk of sudden restrictions. The MEXC case illustrates this point: the Dutch regulator (AFM) added it to ESMA’s warning list for operating without authorization, which could result in access being blocked without prior notice.
Not being listed in the ESMA registry is also not irrefutable proof of illegal activity: there may be an application pending, or the exchange may enter the EU through an already-authorized partner. What is certain is that, as of July 1, 2026, none of them will be able to solicit new clients in the EU on their own.
Global Entity vs. European Entity: The Most Common Pitfall
Three of the names on the list (KuCoin, Bybit, and, until recently, Gate) do not quite fit into the category of exchanges without a regulated presence in Europe. Their strategy was to create an independent European subsidiary with its own CASP license, while the global brand remains unlicensed.
The European and global entities are separate legal entities, each with its own capital and obligations. The fact that Bybit EU GmbH is licensed in Austria does not extend to an account opened on bybit.com: for all intents and purposes, they are two different companies that share the same brand.
Before assuming you're protected, check two things: the domain where you operate (bybit.eu, not bybit.com) and the name of the entity listed in your terms of service—that's the one you need to look up in the ESMA registry.
How to Check if an Exchange Is MiCA-Licensed
- Access ESMA's public registry of authorized crypto-asset service providers.
- Search by the legal entity's name in your terms of service, not by the trademark.
- Confirm that your country is among the markets listed by that entity.
- If you have any questions, check with an independent registry aggregator, or contact the CNMV if you are trading from Spain.
Exchanges with confirmed MiCA licenses
These are some of the platforms that do have verified CASP authorization and can legally operate with EU clients. The information on fees and cryptoassets is for guidance only; always confirm it on each platform.
| Platform | Cryptos | Maker / Taker | Regulation |
|---|---|---|---|
| Bitvavo | 428+ | 0,15% / 0,25% | MiCA (AFM, Netherlands) |
| KrakenKraken Pro | 734+ | 0,25% / 0,40% | MiCA (Central Bank of Ireland) |
| Bit2Me | 259+ | 0,50% / 0,60% | MiCA (CNMV, Spain) |
| Coinbase | 400+ | 0,40% / 0,60% | MiCA (CSSF, Luxembourg) |
| Bitpanda | 500+ | 0,05% / 0,15% | MiCA (FMA, Austria) |
| Crypto.com | 250+ | 0,40% / 0,60% | MiCA (MFSA, Malta) |
| Bitstamp | 100+ | 0,30% / 0,40% | MiCA + MiFID (CSSF, Luxembourg) |
| OKX | 375+ | 0,08% / 0,10% | MiCA (MFSA, Malta) |
| Bybit EU | 700+ | 0,10% / 0,10% | MiCA (FMA, Austria) |
| Finst | 340+ | 0,15% / 0,15% | MiCA (AFM, Netherlands) |
Timeline: How We Got Here
- December 30, 2024. MiCA becomes fully effective in the EU, marking the start of a transition period of up to 18 months for providers that were already operating under national regimes.
- January 2025. OKX and Crypto.com have become the first major exchanges to obtain a CASP license.
- May through November 2025. Bybit, Coinbase, Kraken, Bitvavo, Gemini, Bullish, Gate, and KuCoin have obtained their licenses, all through specific European entities.
- June 24, 2026. Binance voluntarily withdrew its application in Greece, one week before the deadline, in light of the prospect of a formal rejection.
- July 1, 2026. The transition period has ended throughout the EU. No exchange without CASP authorization may now acquire new customers in the European Economic Area.
- June through September 2026. New entities have been authorized, including WhiteBIT, bitFlyer, and Tothemoon, bringing the total number of authorized providers to 359 as of today.