From July 1, 2026, crypto platforms in all European Union countries must operate under MiCA—the new regulation that introduces common rules for the EU digital-assets market.
For the crypto industry, this means a shift to a licensing system. Only platforms that receive authorization from a regulator in one of the EU countries will be able to operate in the region. Not all companies providing cryptocurrency-related services will receive licenses, so in the coming days users of dozens, and possibly hundreds, of platforms may face restrictions on operations with their assets.
The tightening of regulation will not end there. The EU has also adopted a bloc-wide package of anti-money-laundering rules, known as AML. It will take effect on July 10, 2027 and introduce stricter oversight of crypto transfers.
The main goal of both reforms—MiCA and AML—is to bring the EU crypto market closer to the traditional financial sector in terms of transparency, client safety and corporate accountability.
MiCA introduces a single status for companies that help users buy, sell and store cryptocurrency. Exchanges, brokers, exchangers, custodial wallets and other similar services fall into the category of CASP—Crypto-Asset Service Provider. To continue operating in the EU, they must obtain authorization from the regulator of any country in the bloc. Such a license will be valid in all 27 EU member states. But a refusal in one jurisdiction can close off access to the entire European market for a company.
Crypto platforms can broadly be divided into three groups
The first is regulated intra-European services, such as Kraken, Coinbase, Bitpanda and Bitstamp. They are considered fully legal in the EU because they were built from the outset around local requirements.
The second is global exchanges with European subsidiaries, such as Bybit EU or OKX EU. Such companies will be able to continue operating through new legal entities registered in the EU.
The third is international or offshore platforms without a European license. Binance, KuCoin and Bitget are currently among those named. These companies will be forced either to leave the European market or sharply limit the functionality available to users.
Companies could change their status and obtain a license until the end of June. By May, however, as Euronews noted, citing the European Securities and Markets Authority, fewer than 20% of crypto companies had done so—out of more than 1,200 registered firms. Roshan Dharia, CEO of the investment firm Echo Base, suggested that a significant part of the market considered obtaining and maintaining a MiCA license economically unviable for its business model.
The new rules will affect all crypto platforms operating in the EU. Users of licensed services such as Kraken or Coinbase, however, are likely to notice almost no changes.
The situation is different for Binance, the world’s largest crypto exchange. The platform will not yet be able to serve European clients. The company tried to obtain a license in Greece, but, according to Reuters, Greek authorities were preparing to reject it. As a result, Binance withdrew its application on June 24.
The company said that, after assessing the status and timing of the Greek procedure, it decided to seek a license in another EU country. How long that will take and whether the new attempt will succeed is unknown. The Financial Times notes that even if a license is approved, it will most likely be issued well after July 1. Until then, the exchange will not be able to operate fully on the European market.
Bybit and similar Asian platforms are not leaving the EU, but they are being forced to create licensed local structures. This may change the user experience, but serious problems with asset management should not arise.
Fintech apps such as Revolut, which integrate cryptocurrency into banking infrastructure, will continue working with digital assets as before. Revolut itself received a license in Cyprus back in autumn 2025.
If a platform failed to obtain a license in time, that does not mean assets are automatically lost. Access to operations may be restricted from July 1, but ways to preserve and withdraw funds will most likely remain.
Binance has already warned clients that their assets are safe and remain accessible for now. Users in Poland, Italy, Spain and France received emails with instructions on how to withdraw funds, since Binance will not receive a MiCA license by June 30, 2026.
In such situations, regulators usually require companies to carry out an “orderly exit from the market.” This means restricting new operations and gradually returning clients’ funds. The French regulator, in particular, stresses that the cessation of activity must take place without excessive harm to users. In practice, clients should be given the opportunity to withdraw assets to another exchange or to a personal wallet.
At the same time, it is important to check exactly how, and within what timeframe, a specific company is organizing this process. Many platforms are already sending users emails and internal notifications with instructions.
Those who may be affected by the new rules should check their platform in advance
First, it is necessary to understand which legal entity services the crypto account. What matters is not the brand name, but the legal entity listed in the user agreement or in the Terms of Service, User Agreement, Legal or Regulatory information sections.
Then this legal entity can be checked in the ESMA Interim MiCA Register or in the register of the national financial regulator of the EU country where the company is registered.
It is also worth checking whether withdrawals, KYC documents and two-factor authentication are available. If anything raises doubts, it is better to contact the platform’s support team in advance.
If a service has not received a license, it is necessary to decide in advance where to withdraw assets—to another licensed platform or to a personal wallet. The main thing is not to act in panic: hasty decisions in such a situation can lead to losses.