MiCA licenses in the EU are now officially being granted—and the European crypto landscape is already changing. As of July 2025, a total of 53 companies have received regulatory approval under the new Markets in Crypto-Assets (MiCA) framework. These include major players such as Circle, Coinbase, Kraken, Crypto.com, and eToro.
However, the absence of Binance and Tether has raised eyebrows across the crypto industry.
EU Implements MiCA Licensing for Crypto Providers
The European Union has started issuing MiCA licenses to crypto service providers operating across the EU and EEA. The MiCA framework, which took effect in June 2024, introduces a harmonized legal structure for crypto asset issuance and trading across all 30 member states.
With a MiCA license, companies can legally offer crypto custody, trading, stablecoin issuance, and other related services across the EU without needing separate licenses per country.
Who’s on the MiCA License List?
Among the 53 licensed institutions are some of the most well-known names in the industry:
- Circle – Issuer of the USDC stablecoin
- Coinbase Europe – Popular exchange and wallet provider
- Kraken – U.S.-based exchange with strong EU presence
- Crypto.com – Known for its crypto debit cards and app
- eToro – Social trading platform with crypto support
These companies now have passporting rights across all EU/EEA countries under one license—streamlining operations and ensuring regulatory compliance.
Notable Absences: Binance and Tether
Conspicuously missing from the approved list are Binance, the world’s largest crypto exchange by volume, and Tether, issuer of the USDT stablecoin.
While Binance has been under regulatory scrutiny in multiple jurisdictions, its absence from the MiCA license list suggests potential roadblocks in aligning with the EU’s transparency and compliance requirements. Similarly, Tether’s lack of disclosure around reserves has drawn criticism from European regulators.
It remains unclear whether these firms are still in the application process or have chosen to withdraw.
Why MiCA Licenses Matter
The MiCA regulation is Europe’s bold step toward establishing clear, consistent crypto rules. With it, the EU aims to:
- Protect consumers and investors
- Prevent market manipulation and abuse
- Ensure stablecoin transparency and backing
- Combat illicit finance through stricter oversight
For licensed companies, MiCA offers credibility, legal clarity, and access to the entire EU market. For consumers, it provides greater security and trust in crypto platforms.
What’s Next for Binance and Tether?
Both Binance and Tether will need to address regulatory concerns if they intend to serve EU residents long-term. Without a MiCA license, they risk losing access to Europe’s fast-growing crypto user base—especially as enforcement ramps up in 2025.
Should they reapply and meet MiCA’s strict conditions, inclusion in the next approval round may still be possible.
Conclusion
The rollout of MiCA licenses in the EU is reshaping the crypto landscape. With 53 firms already approved—including major exchanges and stablecoin issuers—Europe is sending a strong message: the crypto industry must play by the rules. As MiCA continues to roll out, all eyes remain on the holdouts like Binance and Tether, and whether they’ll comply or retreat from the European market.
