Spain’s securities regulator has ruled out granting extensions or exemptions to crypto firms that fail to obtain authorization under the European Union’s Markets in Crypto-Assets (MiCA) framework before the end-of-June deadline.
According to a Reuters report, speaking at an event in Santander on Friday, Spanish National Securities Market Commission (CNMV) Chair Carlos San Basilio said firms that do not secure a MiCA licence must wind down their crypto operations in the EU, adding that regulators will not make exceptions.
“There will be no exceptions or extensions,” San Basilio said, as the transition period for MiCA draws to a close.
Why the warning matters
From July 1, crypto-asset service providers operating without an MiCA licence will no longer be permitted to offer regulated crypto services across the European Union. Firms unable to obtain authorization must either cease operations or transfer customers to licensed providers in accordance with local regulatory requirements.
Regulator focuses on orderly exit
San Basilio said Spain’s regulator remains in close contact with companies that have yet to obtain authorization to ensure an orderly transition. According to him, the priority is protecting investors during the final phase of MiCA implementation. Regulators are requiring firms to clearly communicate their wind-down plans and explain how customer assets and funds will be handled.
He added that users will not be able to initiate new transactions through unauthorized platforms after the deadline and would not receive the protections available under MiCA if they continue using such services.
Binance among firms seeking new EU authorization
The comments come days after Binance confirmed it remains committed to operating in Europe despite withdrawing its MiCA licence application in Greece. The exchange said it plans to pursue authorization in another EU member state after concluding that continuing its application with Greece’s regulator would not provide sufficient regulatory certainty or a predictable approval timeline.
San Basilio acknowledged that platforms serving millions of European users present additional supervisory challenges, particularly during customer migrations. He said regulators are monitoring how firms transfer client assets and cash balances to other providers while ensuring investor rights are protected throughout the process.
Other crypto firms advance under MiCA
While some crypto firms are still racing to secure authorization, others have already established MiCA-compliant operations. Coinbase recently designated Luxembourg as its European headquarters after obtaining a MiCA licence from the country’s financial regulator, allowing it to passport crypto services across the EU and European Economic Area under a single authorization.
Meanwhile, Ripple received preliminary approval for a Crypto-Asset Service Provider (CASP) licence in Luxembourg, a step toward offering regulated crypto and stablecoin payment services across the region once final approval is granted.
MiCA enforcement remains national
Although MiCA establishes a common regulatory framework across the European Union, enforcement remains the responsibility of individual member states. San Basilio noted that discussions are underway regarding whether European Securities and Markets Authority should receive expanded supervisory powers in the future, but national regulators currently oversee compliance and enforcement within their jurisdictions.
With the transition period ending in days, Spain’s message signals that regulators intend to apply the MiCA timetable without further delays, leaving crypto firms that remain unlicensed with limited options to continue serving EU customers.
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