MiCA Transition Ends, European Crypto Market Faces Shakeout
On July 1, 2026, the EU's Markets in Crypto-Assets Regulation (MiCA) transition period ended. All crypto asset service providers (CASPs) without formal authorization from member states must cease operations. Industry estimates suggest about 75% of pre-transition platforms will be forced to exit due to inability to meet compliance requirements, marking the largest exchange purge in European history.
Binance Withdraws Application, Coinbase/Kraken Expand with Licenses
Global exchange giant Binance has withdrawn its MiCA license applications in several EU countries and announced a temporary exit from the European market. Meanwhile, already-authorized platforms such as Coinbase and Kraken are rapidly expanding their coverage across the EU using MiCA's passport mechanism, where a single license allows operations across all member states. These players now dominate compliant crypto services in the region.
USDT Delisted, USDC Becomes Compliant Standard
Impacted by MiCA's stablecoin rules, major exchanges have started delisting Tether (USDT) and are instead supporting Circle's USD Coin (USDC). USDC, backed by compliant reserves and transparent audits, has become the preferred stablecoin for on-exchange trading and payments within the EU. This shift is expected to fundamentally reshape the European stablecoin landscape.