MiCA Licensing Rules Leave Crypto Firms in Regulatory Limbo

Spain's financial regulators have sent a stern warning to cryptocurrency firms that there will be no extensions under the MiCA licensing rules. This means companies must comply with the regulations by the deadline or face severe consequences.

The warning comes as Binance announced it would restrict access to key services for its European Union users starting July 1, after failing to obtain MiCA authorization. The exchange withdrew its application in Greece before receiving a formal ruling.

Other firms have fared better under the new regulations. Coinbase has obtained the MiCA license from Luxembourg, which will allow it to operate across all 27 European Union member states from a single regulatory hub.