EU Approves 53 Crypto Firms Under MiCA, Snubs Binance and Tether

Six months after the European Union’s landmark crypto regulation — the Markets in Crypto-Assets (MiCA) framework — came into full effect, 53 firms have now been granted authorization to operate legally across all 30 EU and EEA member states. This milestone marks a significant step forward in establishing a harmonized approach to digital asset regulation in one of the world’s largest economic zones.

Major Players Secure EU-Wide Access

As of July 7, Circle’s Director of EU Strategy and Policy, Patrick Hansen, confirmed that 14 stablecoin issuers and 39 crypto-asset service providers (CASPs) have received MiCA approval. These firms can now offer their services throughout the EU under a single regulatory license, eliminating the need for separate country-by-country authorizations. Global crypto platforms such as Coinbase, Kraken, Bitstamp, and N26 are among the high-profile names leveraging this “passporting” right, enhancing operational efficiency and regulatory certainty.

The MiCA regulation, which came into full force on December 30, 2024, is the first of its kind to establish a comprehensive legal structure for the crypto industry within a major economic bloc. It mandates strict requirements around consumer protection, disclosures, governance, and the issuance of stablecoins — a category that has come under increasing scrutiny due to concerns about financial stability and reserve transparency.

Tether and Binance Missing from the List

Notably, Tether — issuer of the widely used USDT stablecoin — remains absent from the list of MiCA-licensed entities. The lack of a license has already led platforms such as Coinbase and Crypto.com to begin delisting Tether in some EU markets. Binance, which has faced regulatory hurdles in several jurisdictions worldwide, also does not appear among the approved CASPs. Their absence signals the growing impact of MiCA’s compliance requirements and the EU’s firm stance on regulatory oversight.

Among the stablecoin issuers that have gained MiCA approval are Circle (EURC, USDC), Société Générale-Forge (EURCV, USDCV), and Membrane Finance (EURe, eUSD). The majority of licensed stablecoins are pegged to the euro, though a few U.S. dollar-pegged tokens and even one Czech koruna-backed asset have been authorized, reflecting the framework’s pan-European inclusivity.

No Asset-Referenced Tokens Yet — Low Demand?

Interestingly, while the stablecoin category has seen strong uptake, no firm has yet registered to issue so-called asset-referenced tokens (ARTs) — stablecoins linked to a diversified basket of assets like commodities or currencies. EU regulators interpret this as a sign of limited market demand, particularly given the relatively high compliance costs and operational complexity associated with ART issuance under MiCA’s rules.

At the same time, enforcement efforts are ramping up. Over 35 crypto firms have been identified as non-compliant CASPs, with Italy’s financial watchdog CONSOB leading regulatory crackdowns. These actions highlight the EU’s resolve in upholding MiCA standards and penalizing firms that fail to meet them.

The Road Ahead: More Updates Expected

Looking forward, further regulatory adjustments are expected as more crypto businesses seek approval before the next major update in late September — marking nine months since MiCA’s implementation. That update will likely reflect even broader industry alignment with MiCA’s licensing and transparency demands.

In parallel, crypto-focused media outlets in Western Europe are also feeling the effects of MiCA-aligned search algorithm changes and platform policies, adding an additional layer of compliance challenges and operational shifts across the broader crypto ecosystem.