Spain Refuses EU Crypto Licence Deadline Extension for Firms Like Binance

Spain's market watchdog, CNMV, has ruled out extending the deadline for EU crypto licence applications under the MiCA regime. This means that firms like Binance, which have not yet secured a licence, will have to wind down their operations in the EU by the end of June.

CNVM Chair Carlos San Basilio emphasized that there would be 'no exceptions or extensions' to the deadline. He acknowledged that platforms with millions of users across Europe, like Binance, face significant challenges in transferring client assets and cash to other providers while safeguarding investor rights.

The CNMV's priority is to ensure customer protection during this transition period. Firms must clearly communicate their exit plans, and investors will not be able to carry out new transactions with unauthorised platforms, which would also forfeit MiCA protections.

Enforcement of the regulations falls to each individual member state, although there are proposals to give the European Securities and Markets Authority (ESMA) greater powers in the future.