EU Greenlights 53 Crypto Firms Under MiCA—Tether and Binance Left in Regulatory Limbo

The EU just rolled out the red carpet for 53 crypto firms under MiCA—while two industry giants watch from the sidelines.

Who made the cut? Not the usual suspects.

Tether and Binance—despite their market dominance—didn’t crack the EU’s elite list. Regulatory hurdles? Oversight gaps? Or just bureaucratic red tape? The silence is deafening.

Meanwhile, the approved firms get a golden ticket to operate across the bloc. Compliance pays off—unless you’re too big to play by the rules.

Funny how ‘decentralized’ finance still bends the knee to regulators. Maybe Satoshi forgot to write that part in the whitepaper.

TLDR

• The European Union has approved 53 crypto firms under the MiCA regulation to operate across the EEA.
• These include 39 crypto-asset service providers and 14 stablecoin issuers officially authorized under MiCA.
• Tether and Binance did not receive MiCA approval and are not on the list of licensed firms.
• Tether’s absence is linked to its failure to provide a full independent audit of its reserves.
• Binance is facing ongoing regulatory issues and investigations in several EU countries.

Six months into the implementation of MiCA rules, 53 crypto firms have secured EU-wide authorization to operate across the EEA. These include 39 crypto-asset service providers and 14 stablecoin issuers, officially classified as e-money token (EMT) entities. However, industry giants Tether and Binance remain absent from the list, raising compliance and regulatory concerns.

Tether’s Absence Highlights Ongoing Audit Issues

Tether, the issuer of USDT, is not among the 14 stablecoin firms authorized under MiCA’s EMT regulations. France, Germany, and the Netherlands currently dominate this space, contributing nine of the authorized stablecoin issuers. A total of 20 fiat-backed stablecoins, mostly euro and dollar-linked, have now gained compliance approval.

Tether’s absence is partly due to its failure to produce a full independent audit since promising one in 2017. While the firm continues using attestations to validate its reserves, MiCA requires stronger transparency and governance. In April 2025, CEO Paolo Ardoino cited challenges in securing Big Four audit partners.

MiCA’s rules demand robust financial disclosure, governance controls, and verified asset backing for stablecoin authorization. Tether’s ongoing reliance on internal attestation fails to meet these regulatory standards. The firm has yet to confirm a timeline for meeting MiCA’s specific audit criteria.

Binance Faces Regulatory Roadblocks Across Europe

Binance also did not appear on the approved CASP list, as regulatory challenges continue to affect its EU operations. The exchange has withdrawn license applications or halted services in countries like Germany, the Netherlands, and Cyprus. These moves occurred amid growing pressure from national regulators throughout 2023 and 2024.

French authorities have investigated Binance over alleged money laundering activities, impacting its ability to meet MiCA compliance. At the same time, Binance adjusted its operations by limiting unregulated stablecoins and disabling certain trading services. These actions indicate difficulty aligning with MiCA’s strict operational requirements.

The CASP segment currently includes major firms such as Coinbase, Kraken, OKX, and Bitstamp. Traditional finance entrants like Robinhood, Trade Republic, and BBVA have also secured authorization. Germany and the Netherlands lead with 23 of the 39 authorized providers.

Wider MiCA Adoption Signals Strong Regulatory Shift

MiCA licensing enables firms to offer crypto services across 30 EEA countries without seeking individual national approvals. This passporting model strengthens operational efficiency and simplifies compliance frameworks. Circle’s EU Policy Head confirmed the latest authorization data, offering a full country breakdown.

The phased rollout continues with a 9-month review checkpoint scheduled for September 2025. This will evaluate firm compliance progress and regulatory effectiveness.