MiCA Hits 53 Licensed Crypto Firms—But Where Are Tether and Binance?

Europe's crypto landscape just got a regulatory stamp of approval—53 firms now operate under MiCA's watch. Yet two elephants refuse to enter the room.

The compliant crowd grows

From neo-banks to trading platforms, over half a hundred players now sport MiCA licenses. Regulators are grinning—but the party's missing some loud guests.

Ghosted by the giants

Tether's USDT still dominates trading pairs. Binance processes more volume than most licensed exchanges combined. Neither seems eager to join Brussels' carefully curated sandbox—probably too busy counting their unshackled profits.

Another day, another regulatory milestone. Another reminder that in crypto, compliance and clout don't always shake hands—especially when the rulebook's written by traditional finance's hall monitors.

What to Know:

• 53 crypto firms have received MiCA authorization to operate across 30 European Economic Area countries
• Germany and Netherlands lead with 23 of the 39 crypto service provider licenses approved
• Major players Tether and Binance remain absent due to regulatory and compliance challenges

The approved companies can now "passport" their services across 30 EEA countries without requiring separate regulatory approval in each jurisdiction. This represents the most comprehensive crypto regulatory framework implemented globally to date.

According to data shared by Circle's EU Policy Head Patrick Hansen, France, Germany, and the Netherlands have emerged as leaders in stablecoin authorization. These three countries collectively account for nine of the 14 authorized stablecoin issuers under the new regulatory regime.

Major Exchanges Secure Approval While Giants Remain Sidelined

Twenty fiat-backed stablecoins, primarily denominated in euros and dollars, have achieved MiCA compliance across seven European Union countries. The regulatory approval spans both crypto-native firms and traditional financial institutions seeking to enter the digital asset space.

Established cryptocurrency exchanges including Coinbase, Bitstamp, Kraken, and OKX have successfully secured licenses under the new framework. Traditional finance players have also joined the approved list, with companies like Robinhood, Trade Republic, and Spanish bank BBVA obtaining necessary authorizations.

Germany and the Netherlands have positioned themselves as the primary drivers of the crypto service provider licensing push. Together, these countries account for 23 of the 39 authorized providers, demonstrating their commitment to establishing comprehensive digital asset regulations.

The absence of Tether and Binance from the approved list raises significant questions about the challenges facing major industry players. Tether, which issues the world's largest stablecoin USDT, has not appeared among the 14 authorized e-money token issuers despite months of regulatory implementation.

Tether's Audit Controversy Blocks EU Progress

Tether's exclusion from the MiCA licensing framework stems largely from ongoing transparency concerns and audit-related controversies. Consumer advocacy group Consumers Research recently criticized the company for failing to provide an independent audit of its reserves, highlighting a persistent regulatory obstacle.

"Tether's continual failure to undergo an independent audit raises a distressing red flag for the company and its USDT product," the consumer group stated. "Tether has promised that it WOULD conduct a full audit since at least 2017 but has still failed to do so."

The stablecoin issuer has historically relied on attestations rather than comprehensive audits to validate its reserves, a practice that may not meet MiCA's stringent requirements.

CEO Paolo Ardoino acknowledged in April that the company continues seeking a top-tier audit partner but faces significant industry obstacles.

"So, you are a Big Four auditing firm, and you have the entire banking industry that is your customer," Ardoino explained. "Why would you risk 100,000 customers for a couple of stablecoins? Between the FTX disaster and the hacks, heists, and regulatory crackdowns in crypto, it hasn't been easy to sign on as a client for one of those top accounting outfits."

Tether's audit clarity issues could represent a critical barrier to achieving full MiCA compliance. The company's reserve validation methods may require substantial revision to meet European regulatory standards for transparency and governance.

Binance Faces Mounting European Regulatory Pressure

Binance's absence from the approved CASP list likely results from the exchange facing significant regulatory headwinds across multiple European jurisdictions. The company has withdrawn license applications or ceased operations in several EU countries, including Germany, the Netherlands, and Cyprus, amid mounting regulatory scrutiny.

Throughout 2023 and early 2024, Binance restructured various European operations to address compliance concerns. The exchange disabled copy trading features and limited access to unregulated stablecoins as part of its efforts to align with MiCA requirements. French authorities have launched investigations into the exchange over alleged money laundering violations, further complicating its regional regulatory standing. These ongoing legal challenges may prevent Binance from achieving the comprehensive compliance necessary for MiCA authorization.

MiCA's strict compliance requirements, including robust governance measures and enhanced transparency protocols, may contribute to the delays experienced by major industry players. The regulation demands extensive documentation and operational standards that some companies may struggle to implement quickly.

Closing Thoughts

The European Union's MiCA regulation has successfully licensed 53 cryptocurrency companies while establishing the world's most comprehensive digital asset regulatory framework. However, the continued absence of industry giants Tether and Binance demonstrates the significant compliance challenges facing major players in the evolving regulatory landscape. The next regulatory checkpoint arrives in September with a nine-month status update expected to provide further clarity on licensing progress.