Binance Faces July Deadline as Spain Rules Out MiCA Extensions

The Spanish National Securities Market Commission has ruled out any extensions for non-MiCA compliant crypto companies. According to Chair Carlos San Basilio, there will be no exceptions or extensions to the July 1 MiCA deadline. This means that Binance and other affected exchanges must comply with the framework by the end of this month.

Binance's operations in the EU are expected to scale back after it withdrew its application with Greece's Hellenic Capital Market Commission and had not received approval from any other authority as of Friday. San Basilio stated that the commission is concerned about how this period will unfold, and how the adaptation to the new environment will take place.

If Binance fails to secure approval from a financial regulator in the next few days, it will be required to halt the onboarding of new EU-based users and limit certain services for EU-based accounts starting on July 1. Other crypto exchanges have secured last-minute approvals under MiCA, but Binance could have a significant impact on the region's crypto market.