The EU's MiCA transitional period ends in 16 days, on July 1, 2026. Only 210 of the more than 1,200 crypto firms holding pre-MiCA national registrations secured full licenses. Unlicensed firms must stop serving EU customers immediately with no extensions allowed.
The License Shortfall
Just 210 firms cleared the CASP license hurdle. That's 210 out of over 1,200 pre-MiCA registrations. Only 14 exchanges got trading approval. Another 183 entities hold full authorization across 20 EEA states. The rest face total shutdown in two weeks.
Who Got Licensed
Luxembourg, France and Ireland processed the most applications. Their existing frameworks gave firms a head start. Kraken, Coinbase, Bitstamp, OKX, Crypto.com and Bitpanda now passport services across all 27 EU states. They're the exceptions. Most couldn't meet the requirements in time.
Deadline Reality Check
ESMA confirmed there's no grace period. Non-EU platforms serving EU retail clients must comply regardless of headquarters. The law treats client location as jurisdiction. After July 1, unlicensed operations become illegal. No negotiations. No extensions. It stops then.
The industry has until midnight June 30 to wind down. After that, EU users lose access. The clock's running.
