The MiCA transition arrangements for all EU member states will end no later than July 1. Entities that continue to provide crypto-asset services to EU clients without receiving MiCA authorization thereafter will be in violation of EU law and must stop the relevant services. According to a June 22 article by Foresight News, the EU’s old VASP framework covers more than 3,167 companies, but currently only 216 authorized-entity records are included.
From 3,167 old VASPs to 216 new CASP records: the scale after the threshold is raised
According to a Coincub report, in the old VASP framework in Europe, Poland has more than 1,400 companies (about 44.2%) and Lithuania has over 530 (about 16.7%); together they account for about 61%. Italy has about 150, Spain about 106, and France about 104. Germany has 11, Austria 12, and Belgium 8, with these three together accounting for less than 1%.
As of June 12, the ESMA provisional CASP register has 216 records in total. By country of authorization: Germany has 55 (the most), the Netherlands 26, France 19, Malta 15, Cyprus and Ireland 12 each, Austria 9, and Spain, the Czech Republic, and Luxembourg 7 each. These two figures cannot be directly subtracted: the former is the scale of the old VASP framework, while the latter refers to MiCA-authorized legal entities; the scope of statistics and legal requirements are different.
Service-type distribution across the 216 records: custody and management 147, transfer services 131, crypto-to-fiat 113, crypto-to-crypto 97, order execution 114, and operating crypto-asset trading platforms 15.
Main licensed platforms and entities in the ESMA provisional CASP register
Below are the main platforms that have appeared in the ESMA provisional CASP register (by type):
Global large exchanges (typically authorized via EU local subsidiaries): Coinbase Luxembourg SA; Payward Europe Solutions Limited / Payward Global Solutions Limited (Kraken related); OKX Europe Limited; Foris DAX MT Limited (Crypto.com related); Bybit EU GmbH; KuCoin EU Exchange GmbH; Gate Technology Limited; Gemini Intergalactic EU Ltd.
European local or regional platforms: Bitpanda (Austria, Germany, Malta multi-entity), Bitvavo, Bit2Me, Coinhouse, Coinmate, 21bitcoin, ZBX, One Trading.
Traditional financial institutions and special institutions: BBVA (Spain), Revolut, Trade Republic, Robinhood Europe, eToro, N26, AMINA; as well as Zodia focusing on custody; stablecoin infrastructure company BVNK (authorized by the Malta MFSA).
Main platforms not appearing in the CASP register: Binance, Bitget, MEXC, etc.
As of ESMA’s latest update, Binance, Bitget, MEXC, HTX/ Huobi, and Bitfinex have not appeared in the provisional CASP register under these brands or related entity names.
Binance’s specific situation: Reuters on June 16 cited two sources familiar with the matter saying Binance’s application submitted to Greece’s HCMC is expected to be rejected. Binance responded the same day saying, “The Greek regulator has completed its review of the application, determined that it meets MiCA requirements, and has submitted it to ESMA for review.” Binance has committed to providing further arrangement explanations by June 30.
MEXC’s specific situation: The Dutch AFM has included MEXC Global in ESMA’s non-compliance/warning list, citing that it provides crypto-asset services in the Netherlands without MiCA authorization.
EMT issuer registration: 40 records such as Circle and Société Générale; ART is currently blank
The ESMA provisional MiCA register also has issuer forms for ART (asset-referenced tokens) and EMT (e-money tokens). As of the update, the ART issuer form has no entries. The EMT issuer form includes 40 records, involving entities including Circle Internet Financial Europe, Société Générale - Forge, AllUnity, Paxos Issuance Europe, Monerium, and others.
FAQ
Is MiCA CASP authorization a single license or a combination of multiple services?
According to ESMA’s registration framework, CASP authorization is not a single license, but a combination authorization for a range of specific services. In the 216 records, the same entity may hold authorization for multiple services at the same time, such as custody, trading, transfer, etc. “Operating crypto-asset trading platforms” is the most stringent single-service qualification, with only 15 records holding it.
Can Binance still serve EU users after July 1?
According to reports, as of June 12, Binance had not appeared in the ESMA provisional CASP register. Binance committed to provide further explanations and follow-up operational options by June 30. If Binance fails to obtain MiCA authorization before the deadline, under ESMA’s rules, providing services to EU clients will be considered illegal.
After MiCA authorization, what regulatory follow-up will ESMA conduct?
According to ESMA’s 2025 annual report, in 2025 ESMA purchased an EU-level crypto market monitoring tool that will allow ESMA and regulators in member states to collect on-chain and off-chain data and generate shared alerts. This means regulatory focus will expand from “who gets licensed” to transaction monitoring, market abuse identification, and on-chain data tracking.
