Spain's CNMV Draws Hard Line on EU Crypto Firms' MiCA Deadline

Spain's National Securities Market Commission (CNMV) has drawn a hard line on the timing of the EU's Markets in Crypto-Assets (MiCA) licensing requirements. According to Reuters, CNMV chair Carlos San Basilio stated that there will be 'no exceptions or extensions' for unlicensed crypto firms after the July 1 MiCA deadline.

The warning is aimed at major exchanges including Binance, which has not received EU regulator approval as of Friday. If Binance does not secure authorization soon, it may need to stop onboarding new EU users and restrict services for EU accounts from July 1.

Other crypto exchanges have reportedly secured last-minute MiCA authorizations, potentially reducing market disruption. However, the CNMV's stance is clear: unlicensed firms will face restrictions, and regulators will not provide extensions.