Spain Draws a Hard Line: No MiCA Extensions for Binance as July 1 Clock Ticks ⏰

Spain’s National Securities Market Commission said Friday the country will not grant extensions or waivers for crypto firms that fail to secure authorization under the European Union’s Markets in Crypto-Assets (MiCA) framework by July 1. “There will be no exceptions or extensions,” CNMV chair Carlos San Basilio told Reuters, expressing concern over how the close of the transitional period will unfold. He added that Spanish regulators are in contact with major crypto companies that have not yet secured licenses to coordinate the transfer of client assets to other providers and protect investor rights.

Binance, the world’s largest crypto exchange, formally withdrew its MiCA license application with Greece’s Hellenic Capital Market Commission on Wednesday, citing its pursuit of authorization in another EU member state. The move came roughly a week after a Reuters report indicated the Greek regulator was unlikely to approve the application. With the July 1 deadline approaching and no EU license yet secured, Binance is expected to halt onboarding of new EU-based users and restrict certain services for existing EU accounts. OKX founder and CEO Mingxing “Star” Xu criticized the exchange, saying: “This is Binance’s philosophy of doing business. They ignore laws and regulations, while misleading the public with bullshits.” Cointelegraph reached out to Binance but did not receive an immediate response.

Other exchanges have moved to shore up EU access, including Payward, which operates as Kraken under a Crypto Asset Service Provider license from the Central Bank of Ireland. Once a firm registers with any EU member state, it can passport its license across the bloc, though national approaches vary from hands-off regimes such as Cyprus and Malta to stricter ones such as France and Germany.

Separately, Seychelles-based exchange CoinEx denied allegations Thursday that it knowingly served as a conduit for billions of dollars in sanctioned Iranian funds, pushing back against a Wall Street Journal report that relied on analysis from blockchain analytics firm TRM Labs. CoinEx called the claims inaccurate and said it complies with applicable sanctions obligations.