EU MiCA Deadline Sparks Chaos in Crypto Market as Binance and Tether Scramble for Compliance

The European Union's Markets in Crypto-Assets (MiCA) regulation is putting pressure on cryptocurrency companies, particularly Binance and Tether, to secure authorization before the July 1 deadline.

According to Obchakevich Research, only 194 out of over 3,000 crypto companies operating in Europe have obtained a license, leaving exchanges, brokers, and wallet providers at risk of losing access to EU users once the transition period ends.

Binance had been exploring a path through Greece, but its application has reportedly been rejected by the Hellenic Capital Market Commission. The exchange is now looking into an alternative route through France, where it already holds a digital asset service provider registration.

Tether, on the other hand, faces a separate issue related to MiCA. The company has chosen not to seek approval in the EU for its USDT stablecoin, which has led to its removal or restriction by major exchanges like Binance, Coinbase, and Kraken from licensed EU platforms.