The review process began roughly 18 months ago, before the implementation of MiCA’s initial provisions. Stablecoin regulations took effect about a year ago, and crypto‑asset service providers have been navigating a transition period leading up to the July 1, 2026 deadline. After that date, firms relying on existing national frameworks will no longer be able to offer MiCA‑regulated services in the EU.
The inquiries stem from entrepreneurs frustrated by Europe’s bureaucratic and regulatory burdens.
“They’re not just random individuals,” she explained. “They are seasoned founders — some with multiple successful exits and extensive experience in the crypto space.”
The deadline is already reshaping the competitive landscape. Binance, the world’s largest cryptocurrency exchange by trading volume, withdrew its MiCA application in Greece last week and informed EU users that it would temporarily suspend certain services while pursuing an alternative regulatory path. The firm reiterated its commitment to Europe.
“Our ambitions in Europe remain unchanged, and we are confident we will obtain a MiCA licence within the coming months,” Binance said in a statement to CoinDesk on Thursday.
Competitors are seizing the opportunity. OKX and Coinbase announced bonuses of up to 8% of total deposits and transfers for new users the next day.
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