Spain Rejects Deadline Extension for Unlicensed Crypto Exchanges

Spain's National Securities Market Commission has ruled out extending the deadline for crypto firms to register under new EU regulations, leaving Binance and other unlicensed exchanges at risk of being shut down.

The July 1 deadline is part of the European Union's MiCA framework, which requires crypto companies to register with a member country and obtain a license to operate. Firms that fail to comply will be forced to cease doing business, and customers in Europe will no longer be able to complete transactions with unauthorized providers.

Binance, the world's largest crypto exchange, had attempted to register under MiCA with Greece but withdrew its application after being told it was unlikely to receive approval. The company is now seeking to register in another EU member state, but may still be forced to wind down operations temporarily when the deadline expires next week.

Carlos San Basilio, chairman of Spain's National Securities Market Commission, expressed concern about major crypto platforms like Binance and emphasized that there will be no exceptions or extensions to the July 1 deadline. He noted that regulators are in contact with unlicensed companies to ensure they have plans in place to transfer client assets to other providers and protect investor rights.