EU Licenses 53 Crypto Firms Under MiCA — But Tether and Binance Are Nowhere in Sight
Europe has formally approved 53 crypto firms under its new Markets in Crypto-Assets (MiCA) regulation, signaling the start of a structured, unified approach to digital asset oversight across the European Economic Area (EEA). The approvals span 39 crypto-asset service providers (CASPs) and 14 stablecoin issuers, according to publicly available records aggregated by on-chain researcher Patrick Hansen.
While the growing list of licensed firms includes a mix of global exchanges, fintech startups, and established financial institutions, the absence of two major players stands out: Tether, issuer of the world’s most widely used stablecoin USDT, and Binance, the largest crypto exchange by trading volume.
So far, Germany leads the regional tally with 12 approved CASPs, followed by the Netherlands with 11, and Malta with 5. These licensing figures offer a glimpse into which jurisdictions are becoming strategic hubs for regulated crypto activity. The firms now licensed under MiCA can operate across all 30 EEA countries without needing separate national approvals — a major efficiency gain that could redefine how exchanges scale across Europe.
But while dozens of companies are gaining regulatory traction, Tether and Binance have remained on the sidelines. Industry analysts point to ongoing scrutiny around Tether’s reserve transparency and Binance’s regulatory history in multiple EU jurisdictions. Both companies have faced growing pressure to align with more formal compliance standards, but neither has confirmed a timeline for MiCA authorization.
The license rollouts mark more than just administrative progress — they draw a visible line between firms ready to operate under EU scrutiny and those not yet aligned. As MiCA takes shape, participation in Europe’s crypto economy may soon depend on who’s inside the regulatory tent — and who’s left out.
MiCA License Wave Signals Behind-the-Scenes Shift in Europe’s Crypto Landscape
What appears outwardly as a compliance milestone masks a deeper strategic reshuffling. Germany, the Netherlands, and Malta are emerging as crypto regulatory hubs, collectively processing over half the new licenses. Firms like Coinbase, Kraken, and Crypto.com will now leverage their “passporting” privileges to expand across 30 countries, lowering operational barriers and reducing duplication.
Traditional finance players — including BBVA, Robinhood, Société Générale, and Clearstream — also earned MiCA licenses . This marks institutional finance’s growing alignment with on-chain services. Their presence signals a significant shift: crypto is moving from fringe tech to regulated financial infrastructure.
In contrast, Tether and Binance now face limited EU market access. Tether is grappling with criticism over its lack of independent reserve audits, which contradicts MiCA’s transparency obligations. Binance continues to navigate enforcement actions and has withdrawn or delayed EU license applications. Their situation highlights the friction between scale and compliance in a fast-maturing regulatory environment.
Tether & Binance Exclusion Raises New EU Strategy Challenges
The omission of Binance and Tether from MiCA introduces stress points in Europe’s regulated crypto push. For Tether, the spotlight on its reserve attestation versus full audit gap may accelerate global pressure to adopt tougher transparency standards. The company risks extended delisting from major EU exchanges unless it secures MiCA-aligned credentials.
Binance’s regulatory entanglements in Spain, Germany, and France — including money-laundering investigations — likely throttled its MiCA ambitions. Its absence may damage European market share, even as it leans heavily on U.S. and Middle Eastern business fronts.
More broadly, this phase in MiCA implementation creates both opportunities and strategic dilemma for crypto pioneers. EU-focused firms will capitalize on integrated EU access. Meanwhile, unlicensed giants must choose: invest heavily in compliance or risk ceding territory to regulated competitors.
Watch this space — the September checkpoint will reveal whether Tether and Binance can respond to MiCA’s structural challenge or face deeper market exclusion .
