Last-Minute MiCA Approvals Close EU Crypto Transition Window

Europe’s Markets in Crypto-Assets Regulation (MiCA) reached a key milestone this week as the 18-month transitional period ended on Wednesday, triggering a last wave of authorisations for crypto asset service providers across the EU and European Economic Area.

Regulators in multiple jurisdictions used the final window to approve new MiCA licenses and CASP registrations. Italy reported four additional authorisations, bringing the country’s total to eight. France added three new firms to its MiCA whitelist, lifting its licensed CASP count to 31, while Malta saw additional progress as firms expanded regulated offerings.

Key takeaways

• MiCA’s transitional period ended Wednesday, pushing remaining unauthorised crypto providers toward a wind-down of EU activities.
• Italy approved four new crypto asset service providers, increasing its total CASPs to eight.
• France added three firms to its authorised list, bringing total licensed CASPs to 31, according to the AMF.
• ESMA’s interim register showed 244 authorised CASPs across the EU and EEA by Friday.
• Binance remains unlicensed under MiCA, leaving some of the largest exchanges regulated only in certain jurisdictions.

Late-stage MiCA licensing spreads across Europe

As MiCA moved from transition to full implementation, European regulators continued to publish updates on approved CASPs. In Italy, the Bank of Italy said Consob—Italy’s financial markets regulator—approved new licences in coordination with the central bank, according to a joint announcement released Tuesday.

The authorisations covered four firms: Hodlie (asset management platform), Young Platform (crypto exchange), CryptoSmart (trading platform), and Hercle (crypto service provider). With these approvals, Italy’s total number of authorised crypto asset service providers rose to eight.

France’s regulator also reported progress. In a Tuesday update, the Autorité des marchés financiers (AMF) added three companies to its whitelist: Mereau Finance (crypto investment platform), Iceblock (blockchain infrastructure provider), and Aplo (crypto service provider). The AMF said the additions brought France’s total licensed CASPs to 31, as reflected in its public warnings and whitelist materials.

In Malta, FalconX announced on Monday that it had received a MiCA license, citing MiCA authorisation for regulated institutional digital-asset services across the EU. Separately, Venga said on Wednesday that it had received CASP authorisation from Spain, highlighting how firms may pursue approvals through different member-state channels even as the regulatory landscape rapidly converges.

ESMA register reaches 244 authorised CASPs after the deadline

While national regulators publicised new approvals, ESMA tracked the broader EU-wide pipeline. By Friday, an ESMA interim register showed 244 authorised CASPs across the EU and European Economic Area, according to interim data cited in ESMA-linked coverage.

The figure is significant because the end of the transitional period marks a shift from “preparatory” compliance into a more binary situation: firms that are not authorised face mounting operational constraints. ESMA’s public statement on the transitional period’s conclusion said crypto service providers that remain unauthorized by the deadline must take “immediate” steps to wind down their EU activities.

For market participants, that matters beyond headlines. Authorisation status affects which venues and services can continue operating legally in the EU, how counterparties assess regulatory risk, and what compliance steps firms must execute quickly to maintain access to European customers and institutional partners.

Binance still outside MiCA—what that means for liquidity and competition

Despite the surge in licenses near the deadline, not all major exchanges have secured MiCA authorisation. Binance, described as the world’s largest exchange by trading volume, remains unlicensed under MiCA.

Earlier reporting noted that Binance applied for MiCA authorisation in Greece but later withdrew its application, stating it would seek approval in another member state. Greece, meanwhile, is one of the EU countries that has not yet issued a MiCA licence.

The absence of MiCA approval for Binance is more than symbolic for European market structure. According to DefiLlama data referenced in the original reporting, the largest MiCA-authorised exchanges by spot order book liquidity include OKX, Coinbase, Bybit, Crypto.com, Gate, and Bitstamp.

That distribution suggests that while regulation is tightening across the EU, liquidity and service availability may still fragment across compliant platforms rather than consolidating automatically onto a single “MiCA-compliant” powerhouse. Traders and institutions may therefore continue to weigh execution quality, custody and compliance processes, and cross-venue routing based on which services are actually authorised.

Why the transition ending changes the compliance clock

The end of MiCA’s transitional period is a regulatory deadline with operational consequences. ESMA’s guidance that unauthorized providers must “immediately” wind down EU activities effectively reduces the time available for late-stage legal and compliance work, including licensing applications, governance adjustments, and the redesign of product offerings where needed.

At the same time, the late influx of approvals across Italy and France underscores that regulators were actively processing applications through the final stretch. For firms that just secured authorisation, the next phase is likely to focus on maintaining continuity—ensuring internal systems match what regulators approved and that consumer-facing services remain consistent with their licensed scope.

For investors and users, the practical question is what changes next: which providers can keep serving EU customers, which services may shrink or migrate, and whether unauthorised platforms reduce accessibility as they wind down. ESMA’s interim register, alongside national whitelist updates from regulators like the AMF and the Bank of Italy, will be key checkpoints for confirming who is authorised and what remains available.

As MiCA moves into its full enforcement posture, readers should watch the next ESMA register updates for changes in authorised CASPs, alongside country-specific whitelists, to see how quickly remaining providers complete transitions—or exit EU activity.