Spain’s top securities regulator has confirmed there will be no extension to the European Union’s critical July 1 licensing deadline for crypto firms.
The deadline is part of the EU's new MiCA framework. Companies that fail to register with a member state by next Wednesday must cease business with European customers.
This ruling directly impacts Binance, the world's largest crypto exchange. The firm recently withdrew its MiCA application from Greece and is now seeking registration elsewhere. It is likely forced to temporarily wind down its EU operations when the deadline hits.
Carlos San Basilio, chairman of Spain’s National Securities Market Commission, stated, "there will be no exceptions or extensions." He expressed concern over how the transition period will unfold for major unlicensed platforms.
Regulators are working with these firms to ensure client assets can be transferred and investor rights are protected. Once licensed in one EU country, a crypto firm can operate across the entire bloc under the new rules.