Spain’s securities regulator has confirmed that crypto-asset service providers operating without authorization under the European Union’s Markets in Crypto-Assets (MiCA) framework will not receive any extension beyond the end of the current transitional period.
Speaking at an event in Santander on Friday, Carlos San Basilio, chairman of Spain’s National Securities Market Commission (CNMV), said:
There would be “no exceptions or extensions” to the regulatory deadline.
He added that the regulator is maintaining close contact with companies that have not yet secured authorization to ensure they carry out an orderly wind-down of their operations while protecting customers.
The announcement comes just days before the MiCA transitional period ends on June 30, 2026. From July 1, 2026, crypto-asset service providers without MiCA authorization will no longer be allowed to provide crypto services in Spain or other EU member states under the transitional arrangements, according to reuters.
Binance remains under regulatory scrutiny as deadline nears
San Basilio acknowledged that supervising larger crypto platforms presents additional challenges, particularly for firms serving millions of customers across Europe.
His comments follow Binance’s statement earlier this week that it remains committed to operating in the European Union despite failing to secure a MiCA licence in Greece. The exchange has said it is pursuing authorization through another EU jurisdiction after withdrawing its Greek application.
Binance said it will suspend services in affected EU markets from July 1 after failing to obtain MiCA authorization before the transitional period.
The development follows comments from ECB President Christine Lagarde expressing concerns over Binance’s expansion in Europe. France has emerged as one of the potential jurisdictions through which Binance could seek MiCA authorization.
Addressing Binance specifically, San Basilio said regulators are monitoring how major platforms transfer client crypto-assets and cash to other authorized providers while safeguarding investor rights during the transition.
Investors warned against using unauthorized platforms after July 1
The CNMV said firms exiting the market must clearly communicate their migration or wind-down plans to customers, including available options for transferring crypto-assets or withdrawing funds. The regulator emphasized that customer protection remains its central objective throughout the transition.
San Basilio also warned that investors will not be able to conduct new transactions with unauthorized platforms after the transitional period ends and would not benefit from the investor protections established under MiCA if they continue using such services.
The European Securities and Markets Authority (ESMA) has likewise instructed crypto firms without MiCA authorization to implement credible wind-down plans before July 1, requiring them to protect customer assets, provide clear communications, and, where appropriate, facilitate transfers to authorized providers or self-hosted wallets. While MiCA establishes a harmonized regulatory framework across the European Union, enforcement remains the responsibility of individual member states, although proposals have been discussed to grant ESMA broader supervisory powers in the future.
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