Spain Denies Deadline Extension for Crypto Firms, Binance Faces Shutdown

Spain's top securities regulator has refused to extend the deadline for crypto firms to register under new EU regulations, despite Binance's struggles to comply. Under the MiCA framework, companies have until July 1 to register with a member country and remain operational.

Binance, the world's largest crypto exchange, had attempted to register in Greece but withdrew its application after it was unlikely to be granted approval. The company is now seeking registration elsewhere in the EU, but may be forced to shut down temporarily when the deadline passes on July 1.

Carlos San Basilio, chairman of Spain's National Securities Market Commission, expressed concern about major crypto platforms like Binance shutting down due to lack of MiCA compliance. He emphasized that there will be no exceptions or extensions to the registration deadline, as stated in a Reuters report.