As of July 1, 2026, the MiCA regulation fully comes into force in the European Union: crypto platforms without a CASP license lose the right to serve clients from the EU. And this is not just about Binance. According to the ESMA register, only around 14 of the world’s 100 largest exchanges hold a license — which means that dozens of popular platforms (MEXC, HTX, Bitget, and others) must wind down operations in the EU after July 1. Here is a name-by-name breakdown of who is leaving, who is staying, and what to do with your balance.
In brief. MiCA is the EU’s unified rulebook for the crypto market. From July 1, previous national registrations are no longer valid; a CASP license is required. Only about 210 companies have obtained one out of more than a thousand. Among those leaving the EU are Binance, MEXC, HTX (Huobi), Bitget, Upbit, BitMEX, Bitunix, Bitfinex, and many smaller platforms. Among those staying are Coinbase, Kraken, OKX, Crypto.com, Bybit (EU), Bitstamp, Bitpanda, and Bitvavo. Funds are not being confiscated, but MiCA protections do not apply on unlicensed exchanges, and withdrawals may “get stuck.” What to do: check the exchange in the ESMA register and, before July 1, decide whether to transfer assets to a licensed platform, withdraw them to your own wallet, or leave everything as is.
What happened
MiCA (Markets in Crypto-Assets) is a single EU regulation that replaced fragmented national rules. To provide crypto services in the European Union, a company must obtain CASP (Crypto-Asset Service Provider) status from the regulator of any EU country — and then the “passport” opens access to all 27 member states and the EEA zone (30 countries). The transition period ends on July 1, 2026: previous registrations will no longer grant the right to operate, and activity without a license will become a violation of EU law. ESMA confirmed in April: there will be no extensions.
The shakeout is severe: only about 210 companies have received a full CASP license out of more than a thousand previously registered VASPs. According to the head of OKX Europe, around 80% of exchanges will not survive MiCA, while about 60% of European users still hold assets on unlicensed platforms. Based on app download analysis, 7.6 million out of 18.5 million crypto exchange downloads in Europe over the past year came from services without a license.
Who is leaving the EU (not just Binance)
The main figure is Binance: the exchange tried to obtain a license in Greece, but according to Reuters, the regulator was leaning toward rejecting it; on June 24, Binance withdrew its application and announced that from July 1 it would suspend a significant portion of its services for EU residents. Importantly, this is not a seizure of funds — the exchange operates on a full-reserve model, funds can be withdrawn, and it says it will seek a license in another EU country.
But along with it, a number of well-known platforms without a CASP license are also losing access to the EU:
| Exchange | MiCA status | Comment |
|---|---|---|
| Binance | Unlicensed | Withdrew its application in Greece, suspension from July 1 |
| MEXC | Unlicensed | No public statements about a license |
| HTX (Huobi) | Unlicensed | Remains “in limbo” |
| Bitget | Unlicensed | An application in Austria was reported, but no authorization |
| Upbit | Unlicensed | Not listed in the CASP register |
| BitMEX | Unlicensed | Derivatives platform, status unresolved |
| Bitfinex | Unlicensed | Has made no public statements about MiCA |
| Bitunix | Unlicensed | Users are advised to withdraw funds in advance |
Separately — “silence as an answer.” MEXC, HTX, and Bitfinex have made no public statements about applying for a license or plans to leave. In such cases, the absence of communication is usually the answer itself: a quiet market exit. Some smaller platforms are already geo-blocking European IPs without announcements — in France alone, about 90 operators approached the deadline without a license.
Two important nuances to check:
- The license is tied to the legal entity, not the brand. A global exchange app may be unlicensed even if the group has a licensed EU subsidiary. You need to verify the specific legal entity that serves you.
- Disputed cases. KuCoin’s situation is ambiguous: there were reports both of the authorization of its European legal entity in late 2025 and of issues with the Austrian regulator in early 2026. Be sure to double-check this status in the ESMA register.
Who remains
Binance’s major competitors obtained licenses in advance and continue operating in the EU:
| Exchange | Licensing jurisdiction |
|---|---|
| Coinbase | Luxembourg (CSSF) |
| Kraken | Ireland (CBI) |
| OKX | Malta (MFSA) |
| Crypto.com | Malta (MFSA) |
| Bybit (Bybit EU) | Austria (FMA) |
| Bitstamp | Luxembourg (CSSF) |
| Bitpanda | Austria (FMA) |
| Bitvavo | Netherlands (AFM) |
Gemini, Gate, eToro (Cyprus), Bit2Me (Spain), Revolut, and others have also been authorized — around 210 CASPs in total, though only about 14 hold a separate license class to launch a trading platform. Licenses have been concentrated in Luxembourg, Malta, and Ireland.
Why so few made it through
A license is an expensive and lengthy process: authorization costs for an exchange are estimated at hundreds of thousands, if not millions, of euros in the first year, plus capital requirements, AML/KYC, the Travel Rule, and regular audits. According to industry data, about 45% of applications were rejected or seriously delayed due to weak risk management. By mid-2026, around ten EU countries had not issued a single license, reflecting backlogs and a lack of resources among regulators. In addition, regulators are entitled to take an applicant’s track record into account: Binance’s “file” is heavier than Coinbase’s or Kraken’s — including its $4.3 billion settlement with U.S. authorities in 2023.
What this means for users
- Not confiscation, but loss of protection. The money does not “burn up,” but on an unlicensed platform, MiCA consumer protection mechanisms do not apply — there will be nowhere to file a complaint.
- Operational difficulties. Sudden withdrawal pauses, trading halts, and the disabling of fiat deposits and withdrawals are possible at platforms that abruptly cut off access. Experts advise not waiting until July 2.
- USDT delisting. Tether did not apply for MiCA compliance, so licensed EU exchanges removed USDT trading. Coinbase, Kraken, Crypto.com, and Binance have already done this for EU-based accounts. Among major stablecoins, Circle’s USDC and EURC comply with the rules. At the same time, the law does not prohibit simply holding and transferring USDT.
- Strict enforcement. Fines can reach up to €5 million or 5% of global turnover; in France, operating without a license after the deadline may lead to criminal prosecution (up to 2 years in prison and a €30,000 fine), and the AMF may publish blacklists and block websites.
- Phishing. Amid the “migration” wave, scammers are launching fake “migration portals.” Any links in emails and private messages should be treated with suspicion.
What to do with the remaining balance
- Check your exchange in the official CASP register on the ESMA website (there are also convenient aggregator directories). If it is not on the list, treat the account as being in an “orderly wind-down.”
- Verify the exact legal entity serving you, not just the brand as a whole.
- Choose your course of action before July 1: transfer assets to a licensed exchange from the list above; withdraw to your own non-custodial wallet (Trust Wallet, MetaMask, hardware wallet); or knowingly leave them where they are — but then without MiCA protection.
- Do not wait until July 2 — after the deadline, the risk of freezes and disruptions is higher.
- Follow the official instructions in the exchange’s email, but type the URL manually rather than clicking the link — because of phishing risks.
- If you hold USDT, take EU delistings into account: it may make sense to convert to USDC/EURC or withdraw.
- Clear any negative balances and close positions so withdrawals can go through without delays.
Who this affects in Ukraine
MiCA is an EU regulation, and it directly affects those who reside in the European Union, including Ukrainians living in the EU: Binance and other unlicensed exchanges are suspending services specifically for them, and access is determined by country of residence. For users in Ukraine itself, the change is more indirect — but the direction is the same: Ukraine is moving toward its own regulation of virtual assets, harmonized with MiCA (draft law No. 10225-d), so similar requirements for exchanges will appear here as well.
Do not confuse it: Russia has its own “July 1”
In Russian-language search results, two different events on July 1, 2026 are often confused. In Russia, the main provisions of a separate law “On Digital Currency and Digital Rights” come into force on that date: transactions will be allowed only through licensed Russian intermediaries, banks will begin blocking payments to unlicensed platforms, and liability (including criminal liability) for illegal activity will be introduced from July 1, 2027. This is a different jurisdiction and a different set of rules — it has nothing to do with MiCA or exchanges leaving the EU.
FAQ
Which exchanges are leaving the EU besides Binance? The exchanges still without a CASP license include MEXC, HTX (Huobi), Bitget, Upbit, BitMEX, Bitfinex, Bitunix, and many smaller platforms, some of which are already geoblocking European IPs. Among the top 100 exchanges, only about 14 have a license.
Which exchanges are staying? CASP-licensed exchanges include Coinbase, Kraken, OKX, Crypto.com, Bybit (EU), Bitstamp, Bitpanda, Bitvavo, as well as Gemini, Gate, eToro, Bit2Me, Revolut, and others.
Will they take my money? No. Assets are not being confiscated: exchanges like Binance operate on a full-reserve model, and funds can be withdrawn. The risk is the loss of MiCA protection and possible withdrawal delays, not confiscation.
How can I check whether an exchange has a license? In the official CASP register on the ESMA website. Check the specific legal entity that serves you — the license is tied to the company, not the brand.
Why is USDT disappearing? Tether has not achieved MiCA compliance, so licensed EU exchanges do not trade USDT. USDC and EURC comply with the rules. However, holding and transferring USDT is not prohibited.
