MiCA Clears 53 Crypto Firms—Binance & Tether Still Waiting

Key Points

1. MiCA has licensed 14 stablecoin issuers (EMT issuers) and 39 crypto-asset service providers (CASPs) as of July 2025, allowing them to operate across the EEA without separate national approvals.

2. Approved firms include Circle, Crypto.com, Société Générale – Forge, Coinbase, Kraken, Bitstamp, and others, with Germany and the Netherlands leading in CASP licenses.

3. Tether and Binance are missing from the approved list due to insufficient audit transparency, regulatory compliance issues, and ongoing investigations in multiple EU countries.

4. MiCA's phased rollout has led to the delisting of non-compliant tokens like USDT and market consolidation among regulated players, impacting liquidity and innovation in the short term.

5. The legislation emphasizes robust governance, transparency, and anti-money laundering measures, posing challenges for large, complex organizations like Binance.