- MiCA has licensed 53 crypto firms across Europe, including Circle, Coinbase, and Crypto.com.
- Binance and Tether failed to gain MiCA approval, raising questions about compliance readiness.
- Germany and the Netherlands lead in MiCA authorizations, reflecting a strong national regulatory push.
The European Union has taken a major step forward in regulating crypto. Six months after MiCA’s rollout, 53 firms have secured authorization. This list includes stablecoin issuers and crypto-asset service providers (CASPs). The update marks clear progress in Europe’s crypto regulatory framework.
However, two major names are missing. Binance and Tether have not received approval under the EU’s MiCA law. Their absence highlights key concerns around transparency and compliance.
MiCA Licensing Gains Momentum Across Europe
Patrick Hansen, EU Policy Head at Circle, shared the MiCA 6-month status update on X. According to his post, 14 stablecoin issuers and 39 CASPs are now authorized. These firms can now operate across 30 EEA countries under a “passporting” regime.
The 14 approved stablecoin issuers are based in seven EU nations. France, Germany, and Malta lead with multiple licenses each. Of the 20 stablecoins approved, 12 are pegged to the euro. Seven are dollar-based, while one uses the Czech koruna. Germany and the Netherlands dominate the CASP licensing market. Together, they account for over half of the 39 authorized providers. Malta, France, and Luxembourg also have several approved firms.
Among the prominent ones in the list are Coinbase, Kraken, OKX, and Bitstamp. Some of the licensed fintech companies include Robinhood, eToro, and Trade Republic. Other conventional financial players, such as BBVA and Clearstream, also made the cut. These permits enable firms to provide services such as trading, custody, and exchange throughout the EEA without requiring separate national approvals.
Major Players Absent from the List
Despite the progress, Binance and Tether remain unlicensed under MiCA. Tether is the issuer of USDT, the world’s largest stablecoin. Binance is the largest global crypto exchange by volume. Both face ongoing regulatory pressure. Tether’s absence ties back to transparency concerns. Critics have long raised issues about its reserve audits. Consumers Research in 2024 renewed calls for a full audit. They noted Tether has promised one since 2017. However, only attestations have been provided so far.
In April 2025, Tether CEO Paolo Ardoino said the company was still seeking an audit partner. He acknowledged ongoing delays but insisted efforts continue. MiCA demands strong governance, reserve transparency, and risk controls, areas where Tether has drawn scrutiny. Meanwhile, Binance has left several European markets. The company left Germany, the Netherlands, and Cyprus in 2023 and in the early months of 2024. It has also modified product offers to align with MiCA. This involves halting copy trading and restricting some stablecoins.
Related: Bitvavo Gets MiCA License to Offer Crypto Across Europe
French authorities are investigating Binance for alleged money laundering. The exchange has also faced scrutiny from Spain’s regulators. These issues likely contributed to Binance’s failure to obtain MiCA approval. The MiCA framework took effect for CASPs in January 2025. For stablecoin issuers, the law started a year earlier. The goal is to establish consistency and consumer protection in the EU’s cryptocurrency sector.
Hansen noted that about 30 crypto-asset whitepapers have been submitted under MiCA. These cover tokens, such as Bitcoin and Ethereum. However, no asset-referenced token (ART) issuers have applied yet. This suggests weak market demand for such products at this stage.
Regulators in countries like the Netherlands and Poland have ended MiCA transition periods. Dutch authorities, in particular, have issued many of the new licenses. Italy’s CONSOB has flagged over 35 firms as non-compliant.
The next update on MiCA licensing is expected in September 2025. As the landscape evolves, more firms may join the approved list. Others, like Tether and Binance, may need to make adjustments or face market exclusion.
