The transition period under the European Unions comprehensive regulation of cryptocurrency markets, MiCA, ended today. Under the new regulations, cryptocurrency exchanges wishing to operate in Europe must obtain the necessary licenses and regulatory approvals.
With this process underway, exchanges that haven‘t received MiCA approval are reportedly starting to suspend some of the services they offer to their European users. Platforms like Binance, which haven’t yet completed the licensing process, may also impose service restrictions on millions of users in Europe.
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The exchanges that have received MiCA approval and can operate in compliance with European regulations include the following platforms:
Coinbase, Crypto.com, Gate, OKX, Kraken, Bitstamp, Bybit, Backpack, Bitvavo, Bit2Me, Revolut, Bitpanda, Blockchain.com, Robinhood, eToro, Swissquote, MoonPay and Strike.
With the MiCA regulation, licensed activity, user protection, transparency, and oversight will come to the forefront in the European crypto market. The introduction of this regulatory framework is expected to strengthen the position of licensed platforms in the European market, while reducing the scope of activity for unlicensed exchanges in the region.
*This is not investment advice.