DeutschEurope is upgrading its regulations – and some of the biggest names in the crypto world are surprisingly missing from the list: Neither Binance nor Tether have yet received a license under the new MiCA regulation (Markets in Crypto-Assets Regulation) of the European Union. The new regulatory framework has been in force since June 2023 and defines uniform rules for crypto providers in the EU internal market for the first time.
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According to Patrick Hansen, Head of Europe at USDC publisher Circle, 53 companies have been MiCA-licensed so far – including 14 stablecoin issuers (EMT Issuers) and 39 crypto service providers (CASPs). However, the official list contains no trace of Binance or Tether – two heavyweights that have shaped the global crypto landscape for years.
MiCA License: Already 53 Crypto Companies – but No Tether and Binance?
Tether CEO Paolo Ardoino made it clear early on that his company would not support the new rules. The requirements for stablecoin issuers are too strict, according to Ardoino. “We will not apply for a MiCA license. Our users should be protected by us – not by bureaucracy”, he said publicly.
Tether has nevertheless invested in the European market. Two companies with a MiCA license – Quantoz Payments and StablR Ltd. – receive financial support from the stablecoin giant. Both issue euro-based stablecoins and are now on the official list of approved issuers.
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Binance is presenting itself as regulation-friendly, but is under observation in several European countries. In the past, the company has been criticised for regulatory violations, but is now trying to cooperate with the authorities. For example, access to USDT on local platforms has been severely restricted, while the number of USDC trading pairs has increased – a signal to regulators that it wants to act in compliance with MiCA.
Of the 14 authorised stablecoin companies, twelve rely on the euro, seven on the US dollar, and one – the Czech Payment Corporation SE – on the crown (CZK). The clear dominance of the euro is an indication of the desired financial sovereignty within the EU.
These are the 53 Crypto Companies that are Already Licensed
MiCA-authorised stablecoin issuers (EMT Issuers):
- AllUnity (EURAU), Ambr Payments, Banking Circle (EURI), Circle (EURC, USDC), Crypto.com / 1S1C (USD1), Eurodollar ApS, Fiat Republic (ENEUR), Membrane Finance / Paxos (EURe, eUSD, USDG), Payment Corporation SE (CZKI), Quantoz Payments (EURD, EURQ, USDQ), Schuman Financial (EURØP), Société Générale – Forge (EURCV, USDCV), StablR Ltd (EURR, USDR), Stable mint (EURSM, USDSM)
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MiCA-authorised crypto service providers (CASPs):
- Acheron Trading, Altarius Asset Management Limited, Amdax, Baader Bank AG, BBVA, Bitpanda, Bitpanda Asset Management GmbH, BitGo, BitStaete, Bitvavo, Bitstamp, Boerse Stuttgart Digital Custody GmbH, BTC Direct, CACEIS BANK, Clearstream, Coinbase, Commerzbank, Crypto Finance (Deutschland) GmbH, Crypto.com, DEBLOCK, EUWAX AG, eToro, flatexDEGIRO Bank AG, GOIN SAS
Hidden Road Partners, Kraken, MoonPay, N26 Bank SE, OKX, One Trading Exchange B.V., Sling Money, Société Générale – Forge, Tradias GmbH, Trade Republic Bank GmbH, 360 Treasury Systems AG, Vivid Money, ZBX, ZBD
Conclusion: MiCA is working – but not for everyone. While 53 companies have made the step into the new EU regulation, heavyweights such as Binance and Tether are still holding back. The next few months will show whether this attitude was strategically clever – or represents a risk. One thing is clear: The race for the regulated crypto market in Europe has begun. (mck)
