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TL;DR
- MiCA’s transitional period for crypto firms ended July 1, 2026. After that date, only exchanges with a full CASP license from an EU or EEA regulator can legally serve EU customers.
- Kraken, Coinbase, OKX, Crypto.com, Bitpanda, Bitstamp, Bybit, Gemini, Bitvavo, and KuCoin all hold full CASP authorization, mostly granted between January and November 2025.
- Binance failed to secure a license before the deadline. It withdrew its Greek application on June 24, 2026 and began suspending EU services on July 1.
- Bitget, MEXC, Bitfinex, and Uphold are not on the CASP register either. MEXC has already told EU users to withdraw funds.
- A license isn’t a lifetime guarantee: Austria’s FMA banned KuCoin’s EU arm from onboarding new customers in February 2026 over compliance staffing gaps, even after it had already been licensed.
By the morning of July 1, 2026, Europe’s crypto market had a hard line running through it. On one side sat a little over 240 exchanges, wallets, and brokers holding a full Markets in Crypto-Assets (MiCA) license. On the other sat roughly 3,000 firms that had spent years operating under looser national rules and, for most of them, ran out of runway.
Binance is the biggest name that missed the cutoff. Days before the deadline, it pulled its licensing application in Greece and told EU users it was suspending new sign-ups, trading, and staking. Kraken and OKX responded by rolling out deposit bonuses aimed squarely at Binance’s stranded EU customers. That’s the backdrop for this list: which exchanges actually cleared the bar, who’s still short of it, and what the license means for your money either way.
What Is MiCA, in Plain Terms?
MiCA (Markets in Crypto-Assets Regulation) is the European Union’s rulebook for crypto businesses. It entered into force in June 2023, and the part that matters to exchanges, the licensing requirement for Crypto-Asset Service Providers (CASPs), became fully binding on December 30, 2024.
A CASP license covers up to ten distinct services: custody of crypto-assets, running a trading platform, swapping crypto for cash, swapping crypto for crypto, executing client orders, placing crypto-assets, passing orders along to another firm, giving advice, managing portfolios, and transferring assets between wallets. Most exchanges apply for a handful of these, not all ten. OKX is the standout here, licensed for nine of the ten categories.
Firms that were already operating under a national license before December 30, 2024 got a grace period, sometimes called grandfathering. That grace period could run until they were granted or refused full MiCA authorization, but no member state could stretch it past July 1, 2026. That’s the date that just passed, and it’s why the past few weeks have been so chaotic for exchanges still mid-application.
Why the July 1 Deadline Mattered So Much
One license, granted by any single EU or EEA regulator, lets an exchange serve customers across the whole bloc. The mechanism is called passporting. Instead of applying country by country, a firm authorized in, say, Malta or Ireland can notify the other 29 EU/EEA states and start operating there too.
The flip side is unforgiving. Miss the deadline, and there’s no fallback tier. OKX Europe’s chief, Erald Ghoos, told The Block in June 2026 that he expected roughly 80% of crypto exchanges to fail to make the cut, and that around 60% of European crypto users were, at that point, still sitting on unlicensed platforms. CASPTracker.eu’s live count backs that up: 244 CASPs authorized across 30 EU/EEA markets by 25 national regulators as of the July 1 sync, against a pool of about 3,000 firms that had been operating under national regimes before MiCA existed.
10 MiCA-Licensed Crypto Exchanges at a Glance
| Exchange | Regulator / Country | Authorized | Passporting | Visit |
|---|---|---|---|---|
| Kraken | Central Bank of Ireland | June 25, 2025 | 30 EEA states | Trade → |
| Coinbase | CSSF, Luxembourg | June 20, 2025 | 27 EU states | Trade → |
| Crypto.com | MFSA, Malta | January 27, 2025 | 29 EU/EEA states | Trade → |
| OKX | MFSA, Malta | January 27, 2025 | 29 EU/EEA states | Trade → |
| Bitpanda | FMA, Austria (plus Germany, Malta) | April 9, 2025 | EU/EEA-wide | Trade → |
| Bitstamp | CSSF, Luxembourg | May 16, 2025 | 29 EU/EEA states | Trade → |
| Bybit | FMA, Austria | May 28, 2025 | 29 EEA states | Trade → |
| Gemini | MFSA, Malta | August 21, 2025 | 30+ jurisdictions | Trade → |
| Bitvavo | AFM, Netherlands | June 27, 2025 | EU/EEA-wide | Trade → |
| KuCoin | FMA, Austria | November 27, 2025 | 29 EEA states (restricted, see below) | Trade → |
1. Kraken: First Major Global Exchange to Clear MiCA
Kraken holds its CASP license through Payward Europe Solutions Limited, authorized by the Central Bank of Ireland on June 25, 2025. It was the first major global exchange to secure full MiCA authorization, and it passports across all 30 EEA countries, the widest coverage on this list. Kraken has since built out an “EU switch” campaign aimed squarely at users leaving unlicensed platforms.
2. Coinbase: The First US Company Licensed Out of Luxembourg
Coinbase runs its EU business through Coinbase Luxembourg S.A., authorized by the CSSF on June 20, 2025. That made it the first US-headquartered firm to win MiCA authorization through Luxembourg. One license, all 27 EU member states. Coinbase has since folded its 2026 acquisition of derivatives platform Deribit into its regulated European footprint.
3. Crypto.com: The First Full CASP License, Period
Crypto.com got there first among major global platforms. Its Maltese entity, Foris DAX MT Limited, received in-principle approval from the MFSA on January 17, 2025 and full authorization on January 27, 2025, the same day as OKX. The license covers custody, both exchange types, order execution, order transmission, and transfers, and passports to 29 EU/EEA countries.
4. OKX: The Broadest License on the List
OKX Europe Limited was authorized by Malta’s MFSA on the same date as Crypto.com, January 27, 2025, but with more services attached. It covers nine of MiCA’s ten categories, including custody, trading platform operation, both exchange types, execution, placing, transfers, and portfolio management. OKX added a separate Malta payment-institution license in early 2026, giving it one of the more complete regulatory stacks in the region.
5. Bitpanda: Europe’s Home-Grown Multi-License Exchange
Bitpanda is Vienna-based, and it’s the only exchange on this list authorized in three separate EU countries rather than one. It picked up a CASP license from Germany’s BaFin first, then Malta’s MFSA, then its home-market license from Austria’s FMA on April 9, 2025. That spread gives Bitpanda more direct regulatory relationships in Europe than any competitor here.
6. Bitstamp: Luxembourg’s First MiCA-Licensed Exchange
Bitstamp, one of the industry’s oldest exchanges, secured its CASP license from Luxembourg’s CSSF on May 16, 2025, the first one the CSSF had issued. Robinhood completed its acquisition of Bitstamp weeks later, in June 2025, but the license and the entity behind it, Bitstamp Europe S.A., didn’t change. In January 2026, Bitstamp pulled several tokens not compliant with MiCA’s stablecoin rules, including USDT and DAI, from its EU/EEA platforms.
7. Bybit: A Dedicated EU Entity Out of Vienna
Bybit took a different route than most of its rivals. Rather than lean on its global platform, it stood up Bybit EU GmbH, licensed by Austria’s FMA on May 28, 2025, with a dedicated headquarters in Vienna. Through the middle of 2026, Bybit gradually cut off its global platform for EEA residents and pushed them onto bybit.eu instead, the licensed entity.
8. Gemini: A License Plus a Derivatives Track
Gemini received its CASP authorization from Malta’s MFSA on August 21, 2025, one of a handful of exchanges the regulator had licensed that year. It also holds a separate MiFID II license from a few months earlier, which covers derivatives trading rather than spot crypto services. That’s two distinct regulatory tracks in the EU under one brand.
9. Bitvavo: Europe’s Largest EUR Spot Exchange
Bitvavo B.V. got its MiCA license from the Netherlands’ AFM on June 27, 2025, covering custody, trading platform operation, and transfer services across the EU and EEA. Bitvavo is the largest exchange in Europe by euro-denominated spot trading volume, which makes it one of the more consequential licenses on this list even though the brand isn’t as globally known as the others. See our full Bitvavo review for fees, staking rates, and how it stacks up against Kraken and Bitstamp.
10. KuCoin: Licensed, but Read This Before You Sign Up
KuCoin EU Exchange GmbH received its CASP license from Austria’s FMA on November 27, 2025. The license is real and it’s still on the register. What changed is what came after it.
⚠ Compliance flag: On February 19, 2026, Austria’s FMA banned KuCoin’s EU arm from onboarding new customers after it lost the staff required to hold its anti-money-laundering and sanctions-screening roles. The FMA partially eased that ban on May 18, 2026, but its own notice states that “commencement of business operations remains prohibited” under a related enforcement decision. Existing KuCoin EU accounts have continued operating, but new EU sign-ups have faced restrictions well into 2026. Check the FMA’s current notice before opening a new account.
Which Major Exchanges Are Not MiCA Licensed?
A license is the whole ballgame after July 1, 2026. These five names are worth knowing specifically because they aren’t on the CASP register, at least not yet.
| Exchange | Status as of July 2026 |
|---|---|
| Binance | Withdrew its Greek application on June 24, 2026, ahead of an expected rejection, and began suspending EU services on July 1. It says it will apply in France next. |
| Bitget | Applied to Austria’s FMA in June 2026. No decision landed before the deadline, and its EU entity said it wouldn’t serve EEA customers until it did. |
| MEXC | The Dutch AFM publicly warned in September 2025 that MEXC was operating without authorization. MEXC told EU users to withdraw funds ahead of July 1, 2026. |
| Bitfinex | No public MiCA application found and no listing on the CASP register. |
| Uphold | Not listed among the roughly 244 authorized CASPs as of the July 1, 2026 register sync. |
None of this means these platforms are unsafe by definition. It means EU and EEA residents using them after the deadline are trading outside the protections MiCA is designed to guarantee, and in most cases, outside the law entirely for the exchange itself.
Why a MiCA License Is Worth Checking Before You Sign Up
✅ What a license gets you
- Client assets must be legally segregated from the exchange’s own funds.
- Minimum capital requirements the exchange has to maintain.
- A formal, regulator-approved complaints process.
- One EU/EEA regulator actively supervising the firm, not zero.
- Documented cybersecurity and governance standards as a condition of the license.
❌ What it doesn’t guarantee
- A license isn’t proof against hacks, bugs, or bad trades.
- Regulators have already criticized how fast some Maltese approvals moved, so scrutiny of the process itself is ongoing.
- KuCoin’s case shows a license can be followed by an enforcement action, not just a green light forever.
- MiCA doesn’t cover every asset. Non-compliant stablecoins have already been delisted on licensed platforms.
- It says nothing about fees, product range, or whether the exchange fits how you actually trade.
Expert tip
Don’t take an exchange’s “MiCA licensed” banner at face value. Look up the actual entity name on the ESMA CASP register or a mirror like CASPTracker.eu, and confirm which regulator issued it and what services it actually covers. Some exchanges hold licenses for only a handful of the ten possible service categories, so a platform can be legitimately licensed and still be missing the specific service you plan to use, like portfolio management or advice. If you’re moving funds off an unlicensed exchange, route them through a wallet you control rather than straight into a new account, and keep records for your crypto tax software either way.
8 Frequently Asked Questions
What is MiCA and why does the license matter?
MiCA is the EU’s crypto rulebook. It requires exchanges to hold a Crypto-Asset Service Provider license from a national regulator before they can legally operate in the bloc. The license comes with real obligations: segregated client assets, minimum capital, and a supervised complaints process, none of which unlicensed platforms are required to offer.
What happens now that the July 1, 2026 deadline has passed?
Firms without a CASP license can no longer legally provide crypto services to EU or EEA residents. Several exchanges, including Binance and MEXC, have already suspended or restricted EU access rather than operate outside the rules.
Does a MiCA license mean an exchange is completely safe?
No. It means the exchange met a specific regulatory bar around capital, custody, and governance. It doesn’t rule out hacks, bad product decisions, or future enforcement action. KuCoin held a valid license and still got hit with an onboarding ban months later over staffing gaps.
What is EU passporting under MiCA?
Passporting lets an exchange licensed in one EU or EEA country notify regulators in the other member states and start serving customers there too, without applying separately in each one. It’s the mechanism that turns a single national license into bloc-wide access.
Is Binance MiCA licensed?
No. Binance withdrew its Greek application on June 24, 2026, ahead of a reported rejection, and began suspending services for EU users on July 1. It has said it plans to apply for authorization in France next.
Why did KuCoin get restricted after already being licensed?
Austria’s FMA found that KuCoin’s EU entity had lost the staff required for its anti-money-laundering and sanctions-screening functions, and banned it from onboarding new customers in February 2026. The restriction was partially eased months later, but new-customer limits have persisted into mid-2026. The license itself was never revoked.
How do I check an exchange’s MiCA status myself?
The ESMA CASP register is the primary source, and independent trackers like CASPTracker.eu mirror it in a more searchable format. Look up the specific legal entity the exchange uses in your country, not just the brand name, since some platforms operate different entities in different markets.
Do I still owe tax on gains from a MiCA-licensed exchange?
Yes. MiCA regulates how exchanges operate, not how your country taxes crypto gains. Those are separate systems, and a license changes neither your reporting obligations nor your tax rate.
The Bottom Line
The July 1, 2026 deadline turned MiCA from a compliance project into a hard line in the sand. Kraken, Coinbase, Crypto.com, OKX, Bitpanda, Bitstamp, Bybit, Gemini, Bitvavo, and KuCoin all cleared it, though KuCoin’s case is a reminder that a license is a floor, not a permanent guarantee. Binance, Bitget, MEXC, Bitfinex, and Uphold didn’t clear it, at least not as of this writing, and EU users on those platforms are now operating outside MiCA’s protections. If you’re picking an exchange in Europe today, start with the ones that hold the license, then judge them on fees, coin selection, and support the way you would anywhere else.
Editorial note: licensing details reflect the CASP register and regulator disclosures available through July 1, 2026. Authorization status can change quickly, especially for platforms with pending applications. Confirm current status directly with the exchange or the ESMA register before moving funds. Nothing here is financial, legal, or tax advice.
Related Reading
MiCA-licensed exchange reviews
- Kraken Review (our full breakdown of fees, safety, and features)
- Coinbase Review (the top US exchange, now Luxembourg-licensed for the EU)
- Crypto.com Review (lending, staking, and trading on the first fully licensed CASP)
- OKX Review (the broadest MiCA license on this list)
- Bitpanda Review (Europe’s most popular home-grown exchange)
More licensed exchanges to compare
- Bitstamp Review (a 14-year-old exchange, now under Robinhood)
- Bybit Review (fees, features, and its dedicated Vienna entity)
- Gemini Review (Malta-licensed with a separate derivatives track)
- Bitvavo Review (Europe’s largest EUR spot exchange)
- KuCoin Review (read the compliance history before signing up)
Exchanges still working toward a license
- Binance Review (fees and features, with its EU status still unresolved)
- Bitget Review (fees, copy trading, and its pending Austrian application)
- MEXC Review (currently telling EU users to withdraw funds)
- Bitfinex Review (no public MiCA application as of this writing)
- Uphold Review (anything-to-anything swaps, not yet on the CASP register)
Pillar guides
- Best Crypto Exchanges (our full ranking, tested with real funds)
- Best Crypto Tax Software (track gains no matter which exchange you use)
- Best Hardware Wallets for Bitcoin (move funds off an exchange entirely)
Outside the EU: US-regulated alternatives
- Webot Review (a US-regulated exchange with free built-in AI trading bots — not MiCA-relevant, but a solid pick if you’re outside the EU)
MiCA news and regulatory coverage
- Bitvavo Receives MiCA License From Netherlands Regulator (our coverage of the AFM approval)
- ESMA Finalizes Guidelines for MiCA Implementation (the regulator’s own rulebook)
- Coinbase to Delist Non-Compliant Stablecoins Under MiCA (what the license means for token listings)
- France Flags Gaps in MiCA, Pushes for Stricter Stablecoin Rules (ongoing regulatory debate)
