As the MiCA grace period closes, only a fraction of registered firms hold full licenses, setting up the prospect of a wave of consolidation.

MiCA's transition period ends July 1, and up to 75% of EU crypto firms could lose the right to serve customers without full authorization.

Binance faces likely rejection of its MiCA license application in Greece, threatening its ability to serve EU customers after the July 1, 2026 deadline.