Spain’s Comisión Nacional del Mercado de Valores (CNMV) has drawn a strict line on MiCA compliance, announcing there will be no extensions to the European Union’s end-of-June licensing deadline. Unlicensed crypto firms, including major exchange Binance, must now cease operations across the EU or face regulatory consequences.
Speaking at an event in Santander, CNMV Chair Carlos San Basilio made it clear that no exceptions will be made. “There are no exceptions,” he emphasized, confirming that the regulator is actively in contact with platforms that have not yet secured authorization under the Markets in Crypto-Assets (MiCA) framework.
The priority for the CNMV is an orderly wind-down that protects customer assets and investor rights. Regulators are closely monitoring how these firms transfer client funds to other providers during the transition, with a particular focus on platforms that serve millions of users across multiple EU markets.
Binance’s effort to maintain its European presence has encountered a major setback. After its attempt to obtain a license through Greece failed, the exchange now faces the loss of access for millions of European users. San Basilio confirmed that the CNMV is keeping a close eye on Binance’s situation given its scale, and investor protection remains the top concern.
Investors who continue using unauthorized platforms will not be able to carry out new transactions and, more critically, will not receive MiCA protections. The regulatory safety net only applies where licensing is in place. While enforcement currently falls to individual member states, proposals are in discussion to give the European Securities and Markets Authority (ESMA) broader enforcement powers in the future.
