Key Highlights
- DefiLlama launched a MiCA compliance dashboard for Europe.
- The tool tracks licensed exchanges, fees, and liquidity metrics.
- Platforms listed include Coinbase, Kraken, OKX, Bybit, Crypto.com, and others.
DefiLlama, a community-maintained data decentralized finance (DeFi) analytics platform, has launched a dashboard tracking compliance with the EU’s Markets in Crypto-Assets (MiCA) regulation.
In an X post on Wednesday, the team said the tool, accessible at defillama.com/mica, provides an overview of licensed crypto exchanges operating in Europe, including metrics on liquidity, fees, and regulatory status.
What users can find on the dashboard
The DeFiLlama dashboard includes exchanges such as Coinbase, Crypto.com, Gate, OKX, Kraken, Bitstamp, Bybit, Bitvavo, and others. It displays spot and perpetual liquidity figures; for instance, Kraken shows approximately $426 million in spot liquidity and $206 million in perps, while Coinbase reports $281 million in spot and $158 million in perpetuals.
Fee structures vary, with some platforms showing maker/taker rates highlighted in color-coded cells. Users can also see whether perpetual trading is supported and review KYC requirements through icon indicators.
Data in the interface shows a mix of centralized platforms with varying levels of MiCA readiness. Some, like Kraken and Coinbase, appear to have broader compliance indicators, while others show limitations, such as no perpetual support. Liquidity concentration remains notable among a few large players, reflecting the competitive dynamics even under new rules.
Focus on DeFi and crypto analytics
MiCA aims to create a harmonized regulatory framework for crypto assets across the European Union. The regulation imposes licensing requirements, consumer protections, and operational standards on service providers. DefiLlama’s dashboard attempts to map which exchanges hold MiCA licenses and where they can operate, offering filters like “Perps only” and export options for further analysis.
The tool aligns with DefiLlama’s broader focus on transparent DeFi and crypto analytics. It includes search functionality and quick links for trading, allowing users to browse regulated options directly. As MiCA implementation progresses, such resources could help track passporting rights, where a license in one EU country enables services across the bloc, and monitor market consolidation.
However, the dashboard primarily reflects self-reported or observable data at launch. Regulatory statuses can evolve, and full compliance details often require verification through official EU or national authority channels. Liquidity figures represent snapshots and can fluctuate rapidly with market conditions.
Exchanges adjust to MiCA regulations
The EU’s MiCA regulation, effective July 1, 2026, has forced significant adjustments across crypto exchanges. Non-compliant platforms must cease or restrict services to EU users.
Binance, the largest exchange by volume, withdrew its Greek license application and is halting services in several EU countries (including France, Poland, Italy, and Spain). It plans to reapply later but faces immediate restrictions for new and existing users.
Tether’s USDT has been widely delisted from spot pairs on major regulated venues, including Coinbase, Kraken, Crypto.com, and Binance’s EU entity, to meet stablecoin rules. Overall, most of the European crypto firms reportedly lacked full authorization by the deadline, leading to service reductions, user migration to compliant venues, and market consolidation.
As of today, Poland remains the only member state without an operational licensing system for crypto firms. The country’s president has repeatedly refused to sign the necessary implementing legislation, leaving local crypto businesses and users in regulatory limbo.
Dashboard limitations
DefiLlama’s MiCA dashboard provides an overview of regulated exchange activity in Europe, but it does not replace information published by official regulatory authorities.
The platform notes that licensing status and compliance requirements may evolve, and some exchanges or services may not be fully represented on the dashboard.
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