Spain continues to pressure the crypto industry days before the MiCA deadline expires. Carlos San Basilio, president of Spain’s National Securities Market Commission (CNMV), stated that there will be no “exceptions or extensions” for platforms that have not obtained a license under the European Union’s Markets in Crypto-Assets regulation, whose deadline is July 1. Spain’s regulator indicated it maintains direct contact with unauthorized firms to facilitate an orderly transition and protect affected users.
Binance announced it withdrew its MiCA license application in Greece, arguing it will seek authorization in another member state. The exchange assured it remains committed to Europe and expects to obtain its authorization “in the coming months,” while warning that some users could be affected in the meantime. Clients in Poland, Italy, Spain and France have already received emails explaining how to withdraw their funds.
The debate over MiCA is dividing the industry. Binance founder Changpeng Zhao criticized the process and said it is “sad to see the EU cutting its users off from the best liquidity in the world.” In contrast, Star Xu, founder and CEO of OKX, responded by accusing Binance of “ignoring laws and regulations” and citing a history of alleged sanctions violations and market manipulation. From Kraken, EMEA head of policy Beata Sivak endorsed the regulatory framework and stated that “a single rulebook and a passport valid across thirty countries is exactly what the European crypto sector was missing.”
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