Spain Rejects Deadline Extensions for Unlicensed Crypto Firms

Spain's National Securities Market Commission (CNMV) has ruled out any deadline extensions for unlicensed crypto firms to secure authorization under the Markets in Crypto-Assets (MiCA) framework. According to Carlos San Basilio, chair of CNMV, firms without MiCA licenses must stop operating and prepare orderly wind-down plans by the end of June.

The MiCA licensing deadline has been set for the end of June, and unlicensed crypto firms will no longer be able to serve EU users legally after this period. San Basilio emphasized that investors will not be able to carry out new transactions with unauthorized platforms after the deadline, and users who continue to use unlicensed services will not benefit from protections available under MiCA.

Binance, one of the major crypto exchanges mentioned in connection with the deadline, has faced scrutiny after its attempt to secure a Greece license failed. San Basilio noted that regulators are monitoring how large platforms with millions of users transfer customer assets and cash to other providers during the wind-down period.