Only 14 EU exchanges can run trading platforms after July 1

The EU’s Markets in Crypto-Assets (MiCA) transitional period ends on July 1, 2026. The live CASP register shows 183 firms have full MiCA authorisation across 20 EEA states, but only 14 of those hold the specific licence to operate trading platforms. Any exchange, broker or wallet provider without the required authorisation must cease trading in the EU after the deadline.

Authorisations are concentrated in a few countries. Germany accounts for 53 licensed entities, the Netherlands 25, France 13 and Malta 12. Ten EU and EEA states have issued no CASP licences: Croatia, Estonia, Greece, Hungary, Iceland, Italy, Norway, Poland, Portugal and Romania. Estonia’s previous set of virtual asset firms largely failed to convert to CASP status, and Poland has not enacted domestic rules to grant MiCA authorisations.

Exchanges listed with trading-platform authorisation include Coinbase (Ireland), Kraken (Ireland and Luxembourg), Binance (holding a full EU passport), OKX (Malta), Crypto.com (Malta), Bitstamp (Luxembourg), Bitpanda (Austria), Bitvavo (Netherlands) and Revolut. These firms hold the authorisation category that allows them to host trading markets and may continue offering trading services to EU customers after July 1. Platforms without that authorisation cannot legally offer trading activity inside the EEA beyond the deadline.

Stablecoin listings will change. Tether did not apply for MiCA authorisation and no MiCA-licensed platform currently lists USDT. Several major exchanges have already blocked EU accounts from trading USDT. Circle’s USDC and Stasis’s EURC are among the top-ten stablecoins that meet MiCA requirements. Holders of non-compliant stablecoins will need to move or convert assets if they want to continue trading on licensed EU platforms.

Unlicensed firms that remain active after July 1 face limited options: secure authorisation, suspend operations, wind down, transfer clients to a licensed CASP or merge with an authorised provider. The Autorité des marchés financiers warned that “continued unauthorized operation after the deadline risks criminal prosecution.” Industry estimates place the compliance cost for MiCA authorisation between €250,000 and €500,000, and the conversion rate from prior VASP registrations to full MiCA authorisation is roughly 8% across Europe.

Residents in countries without local CASP licensees are likely to use EU-authorised firms that hold passports to provide services across member states. With the deadline less than a month away, holders and service providers should check the CASP register and move assets to authorised providers if their current platform lacks the trading-platform licence.