The final transition period of the EU's Markets in Crypto-Assets Regulation (MiCA) officially ended on July 1, with the regulation fully taking effect. All crypto-asset service providers (CASPs) operating in the EU must now uniformly comply with a single EU rulebook. Currently, only 244 crypto companies have successfully obtained MiCA authorization, with a survival rate of less than 8%. Binance, having not obtained a license, has withdrawn its applications in Greece and other locations, facing a situation of scaling down or exiting EU operations.
MiCA Licensing Statistics: Over 3,000 Applications, 244 Licensed, Survival Rate Below 8%
According to data publicly disclosed by Trezor CEO Danny Sanders, before MiCA fully took effect, there were over 3,000 crypto companies operating under various national old regimes in Europe, and a total of 244 obtained MiCA authorization, with an elimination rate exceeding 90%.
Licensed compliant exchanges such as Kraken, Coinbase, and OKX together hold approximately 83% of Europe's total trading volume. Authorized institutions can operate freely across the 30 EU member states through MiCA's "Passporting" mechanism, eliminating the need for country-by-country applications.
Geographic Distribution of Licenses: Germany Leads with 57, France and Netherlands Each Have 26, Multiple Eastern European Countries Face Zero Authorizations
In terms of geographic distribution of the 244 authorized institutions, Western European countries hold a clear advantage:
Germany: 57 licenses, ranking first among EU countries
France: 26 licenses
Netherlands: 26 licenses
Eastern Europe and smaller markets: Poland originally had nearly 2,000 VASPs, but very few passed; Poland, Greece, Hungary, and other countries face a "zero-authorized CASP" dilemma
The three Western European countries (Germany, France, Netherlands) together account for nearly half of all licenses, indicating that large Western European enterprises with sufficient compliance resources have a structural advantage in the MiCA transition.
Binance Withdraws Applications: Kaiko Data Suggests Limited Impact on Market Liquidity, Small and Medium Enterprises Become Potential M&A Targets
Binance, the largest well-known institution that did not obtain MiCA authorization, has withdrawn its applications in Greece and other EU member states before the deadline, facing a situation of scaling down or fully exiting EU operations. Binance founder Changpeng Zhao (CZ) stated that the application was originally close to approval but was ultimately blocked by "political forces."
According to Kaiko data analysis, since licensed compliant exchanges already hold about 83% of Europe's trading volume, Binance's absence has a relatively limited impact on overall European market liquidity. Among the thousands of unlicensed small and medium enterprises, well-performing local startups become potential acquisition targets for large compliant institutions, and the European crypto market enters an accelerated consolidation phase.
Direct Impact on Users: Enhanced KYC/AML, Asset Protection Mechanisms
For ordinary users, the direct change brought by MiCA's full implementation is the strengthening of KYC (Know Your Customer) and AML (Anti-Money Laundering) review requirements. The previously highly anonymous frictionless trading experience is replaced by asset protection and complaint handling mechanisms closer to traditional finance. Users of unlicensed platforms must transfer their assets to compliant exchanges or self-custody wallets.
Ripple and other companies have publicly pointed out that MiCA's provisions on the reserve, redemption, and legal liability of stablecoins issued in multiple jurisdictions (the same asset issued by entities in multiple EU member states) currently have ambiguities. The European Commission officially launched a follow-up review of MiCA in May 2026, conducting supplementary deliberations on the regulatory gaps that may put European enterprises at a competitive disadvantage; specific amendments are subject to the official announcement of the European Commission.
Frequently Asked Questions
After MiCA fully takes effect, which exchanges can still legally operate in the EU?
According to data disclosed by Trezor CEO Danny Sanders, 244 companies have successfully obtained MiCA authorization, including compliant exchanges such as Kraken, Coinbase, OKX, which together hold approximately 83% of Europe's total trading volume. For the specific list of authorized institutions, refer to the official announcement of the European Securities and Markets Authority (ESMA).
What is the current status of Binance's business in the EU?
Binance has withdrawn its applications in Greece and other EU member states before the end of the MiCA transition period, failing to obtain MiCA authorization, and faces a situation of scaling down or exiting EU operations. Binance founder Changpeng Zhao (CZ) stated that the application was interfered with by "political forces"; according to Kaiko data, Binance's absence has a relatively limited impact on overall European market liquidity.
What regulatory gaps in MiCA are currently under review?
Ripple and other companies have pointed out that the provisions on reserve, redemption, and legal liability for stablecoins issued in multiple jurisdictions currently have ambiguities. The European Commission officially launched a follow-up review of MiCA in May 2026, conducting supplementary deliberations on the relevant regulatory gaps; the specific amendment timeline is subject to the official announcement of the European Commission.
