European regulator ESMA called on unauthorized crypto-asset service providers to wind down their businesses in an orderly manner as the MiCA transitional period ends on July 1.

Spain's firm stance on MiCA compliance may drive unlicensed crypto firms to exit or adapt, impacting market dynamics and investor security.

Binance has started telling EU users it will wind down services after failing to secure a MiCA license, with the July 1 enforcement deadline days away.

Crypto firms operating in the European Union will be forced to cease operations if they do not obtain a MiCA license by July 1.

The EU has issued around 230 MiCA licenses led by Germany's 56, as Spain rules out any extension to the July 1 crypto deadline.

The European Securities and Markets Authority (ESMA) has directed unauthorized crypto asset service providers to stop accepting new EU clients and begin

European regulator ESMA called on unauthorized crypto-asset service providers to wind down their businesses in an orderly manner as the MiCA transitional period ends on July 1.

New MiCA regulations are forcing unlicensed firms to wind down, leaving up to 80% of Europe's current crypto platforms at risk of shutting down.

ESMA says EU crypto users must be served through a MiCA-authorized entity and points to Article 61's narrow reverse solicitation exemption.