Spain’s securities regulator ruled out MiCA deadline extensions, waivers, or exceptions for unlicensed crypto firms. Crypto companies without MiCA authorization must implement exit plans and
Crypto firms operating in the European Union face a firm July 1 deadline after Spain’s securities regulator ruled out any extensions under the Markets in Crypto-Assets framework. According to Reuters, Spanish National Securities Market Commission Chair Carlos San Basilio said there would be no waivers, exceptions, or deadline extensions for companies that fail to secure MiCA authorization before the transitional period ends.
San Basilio delivered the message during an event in Santander. According to Reuters, he stated that regulators would not grant special treatment to firms that remain unlicensed after June. The statement comes as several crypto platforms race to secure authorization under MiCA.
The framework establishes a unified regulatory structure for crypto asset service providers across the European Union. While discussing the transition, San Basilio said regulators remain focused on how firms adapt to the new environment.
Consequently, the CNMV continues communicating with organizations that have not yet received approval. The regulator's priority centers on ensuring an orderly transition. Therefore, firms without licenses must clearly explain their exit strategies and customer arrangements.
Attention has largely focused on Binance, which had not secured authorization from an EU regulator as of Friday. The exchange recently withdrew its licensing application with Greece’s Hellenic Capital Market Commission.
According to Reuters, Binance is attempting another push to obtain approval and maintain its European operations. However, time remains limited before the July 1 deadline arrives.
Should authorization not arrive before the cutoff, Binance would need to stop onboarding new EU users. In addition, certain services for existing European accounts would face restrictions.
San Basilio acknowledged that large platforms create additional challenges because of their extensive user bases. As a result, regulators are monitoring how firms manage customer assets and cash transfers during the transition period.
As the deadline approaches, Spanish regulators continue emphasizing investor protection measures. According to San Basilio, customers should receive clear information regarding operational changes.
He also noted that investors would not benefit from MiCA protections when dealing with unauthorized platforms. Furthermore, they would be unable to conduct new transactions through those services.
Meanwhile, enforcement responsibility remains with individual EU member states. However, proposals continue to circulate that could grant the European Securities and Markets Authority greater regulatory powers in the future.
Separately, OKX founder and CEO Mingxing Xu commented publicly on Binance's regulatory situation following remarks from former Binance CEO Changpeng Zhao.
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