Spain’s securities regulator has drawn a hard line on the EU’s Markets in Crypto-Assets regime: no deadline extensions, waivers, or exceptions will be granted after the July 1 cutoff for crypto firms that fail to obtain authorization. Reuters reported that Carlos San Basilio, chair of Spain’s National Securities Market Commission, said at an event in Santander that companies still unlicensed after June will not receive special treatment.
The statement lands as crypto platforms across Europe race to secure MiCA approval before the transitional window closes. MiCA sets a single regulatory framework for crypto-asset service providers in the European Union, and the end of the transition period will decide which firms can keep operating in the bloc under the new rules. Spain’s regulator is focused on how firms handle that shift in practice.
Regulator wants orderly offboarding plans
The CNMV said it remains in contact with organizations that have not yet been approved. Its priority is an orderly transition. That means firms without licenses must present clear exit strategies and explain to customers how their accounts, services, and operational arrangements will change once the deadline passes.
San Basilio also said investors using unauthorized platforms will not have the protections provided under MiCA. They also would not be able to carry out new transactions through those services. The message is direct: if a platform does not secure authorization in time, its regulatory status changes immediately, and customer activity would be constrained as a result.
Binance under close watch before July 1
Attention has centered on Binance. According to the report, the exchange had not secured authorization from an EU regulator as of Friday. Binance also recently withdrew its licensing application with Greece’s Hellenic Capital Market Commission. Reuters said the company is making another attempt to gain approval and preserve its European operations, but the time left before July 1 is limited.
If approval does not arrive before the deadline, Binance would need to stop onboarding new EU users, while some services for existing European accounts would be restricted. San Basilio noted that large platforms pose extra challenges because of their broad user bases. Regulators are watching closely how customer assets and cash transfers are handled during the transition.
MiCA enforcement still sits with member states
With the cutoff getting closer, Spanish authorities are repeating the investor-protection message: customers must receive clear notice about operational changes. Enforcement under MiCA still rests with individual EU member states. At the same time, proposals are still circulating that could give the European Securities and Markets Authority broader regulatory powers later on.
The report also noted that OKX founder and CEO Mingxing Xu commented publicly on Binance’s regulatory situation after remarks from former Binance CEO Changpeng Zhao, though no details of those comments were included in the source material.