MiCA Transition Ends: Europe's Biggest Exchange Shakeout
On July 1, 2026, the transitional period of the European Union's Markets in Crypto-Assets (MiCA) regulation officially concluded. All crypto asset service providers (CASPs) without formal authorization must cease operations. It is estimated that approximately 75% of existing platforms will be forced out, marking the largest wave of exchange withdrawals in European history.
Binance Retreats; Licensed Platforms Expand via Passporting
Binance has withdrawn its license applications in several EU member states and decided to temporarily exit the European market. Meanwhile, platforms that have already obtained MiCA licenses—such as Coinbase and Kraken—are leveraging the EU's passporting mechanism to cover the entire region. Major exchanges have delisted USDT, making USDC the dominant compliant stablecoin in the new regulatory environment.