- Orcabay
- Last updated: 30 June 2026
- Reading time: 10 min
MiCA Licensed Crypto Exchanges in Europe: The 2026 Guide
What MiCA means for crypto exchanges, token issuers, and users — and who holds a licence.
The end of the European Union's MiCA transitional period is the single biggest change Europe's crypto market has seen. From 1 July 2026, only firms holding a MiCA authorisation — a Crypto-Asset Service Provider, or CASP, licence — may legally serve clients in the European Economic Area. Platforms that did not secure one must stop offering services to EEA residents.
This guide explains MiCA in plain language, lists the MiCA licensed crypto exchanges verified in the official register, identifies platforms without confirmed authorisation, and sets out how Orcabay, a Slovenia-based authorised CASP, fits into the new environment.
If you only read three things: check the legal entity, not the brand; an exchange can be authorised without being allowed to run an order book; and a pending application is not an authorisation. The comparison table below is the fastest way to see who holds what.
Verification statement: Exchange status was verified as of 30 June 2026 against the official ESMA Interim MiCA Register and, where relevant, national regulators. Regulatory and licensing information may change after publication.
What Is MiCA?
MiCA stands for the Markets in Crypto-Assets Regulation. It is the European Union's first single, comprehensive rulebook for crypto-assets and the firms that provide crypto services. The EU introduced it to replace a fragmented patchwork of national regimes with one consistent framework covering authorisation, transparency, consumer protection and market integrity.
Before MiCA, most platforms relied on national VASP (Virtual Asset Service Provider) registrations. A registration mostly confirmed that a business existed and had committed to anti-money-laundering rules. A CASP authorisation is different in kind: a financial regulator reviews the firm's governance, capital, custody arrangements and controls before approving it to handle client assets.
A CASP is any firm authorised to provide one or more of MiCA's ten defined crypto-asset services. Crucially, one national authorisation passports across the EEA — roughly 30 markets — so a firm licensed by, say, Germany's BaFin or Luxembourg's CSSF can serve clients EU-wide without separate national licences.
When Did MiCA Take Effect?
MiCA arrived in phases:
- June 2023 — MiCA entered into force (the legal text became part of EU law).
- 30 June 2024 — the rules for stablecoin issuers (asset-referenced tokens and e-money tokens) became applicable.
- 30 December 2024 — the wider CASP rules became applicable; firms could begin obtaining authorisations.
- National transitional periods — member states were allowed to grandfather existing providers for a limited window. These ended at different times; the Netherlands and Poland, for example, closed their arrangements earlier than others.
- 30 June 2026 / 1 July 2026 — the final deadline. ESMA has confirmed there is no extension. From 1 July 2026, providing crypto-asset services to EEA clients without a CASP authorisation is a breach of EU law.
The key takeaway: some countries ended their transitional arrangements ahead of the bloc-wide cut-off, so a platform's "grace period" depended on where it operated.
Who Does MiCA Affect?
MiCA's reach depends on where the customer is, not where the company is incorporated. A non-EU platform that markets to or onboards EEA residents still needs a CASP authorisation. It affects:
- Centralised crypto exchanges — the most visible group.
- Custodians — firms holding crypto on behalf of clients.
- Brokers — buy/sell and execution-focused platforms.
- Trading platforms — venues operating an order book (MiCA service (b)).
- Token issuers — with disclosure and white paper obligations.
- Stablecoin issuers — under the separate, earlier-applicable regime.
- Market makers and liquidity providers — depending on the services performed, typically execution (e) and advice (h).
- Retail and institutional users — who lose MiCA protections on unauthorised venues.
- Companies marketing crypto services to EEA residents — regardless of headquarters.
What MiCA generally does not cover: fully decentralised services with no identifiable intermediary, and crypto-assets that already qualify as financial instruments under MiFID (which fall under existing securities law instead).
What Does a MiCA Licence Require?
Authorisation is a substantive review, not a rubber stamp. The main requirements include:
- Governance and management suitability — fit-and-proper assessments of key people.
- Minimum capital and prudential safeguards — capital scaled to the services provided.
- Client asset protection — segregation of client crypto and funds from the firm's own.
- Conflicts of interest — identification, prevention and disclosure.
- Order execution policies — acting in the client's best interest.
- Complaints procedures — formal, documented handling.
- Operational resilience and cybersecurity — robust systems and continuity.
- Transparency and disclosure — clear information on fees, risks and terms.
- Market abuse prevention — surveillance and reporting of manipulation or insider dealing.
- Anti-money-laundering obligations — KYC, monitoring and reporting.
Important: a MiCA authorisation does not remove investment risk or guarantee customer funds. Market volatility, token losses, security incidents and operational failures can still occur on a licensed platform. What authorisation provides is regulatory review and ongoing supervision.
Major Crypto Exchanges With MiCA Authorisation
The table below lists exchanges with a confirmed MiCA authorisation, distinguishing the exchange name from the specific European legal entity that holds it. The "trading platform (b)" note in Authorised Services matters: many well-known exchanges are authorised only for custody, exchange or broker services without the right to operate an order-book trading platform.
| Name | Licensed EU Entity | Country | Authorised Services |
|---|---|---|---|
| Coinbase | Coinbase Luxembourg S.A. | LU | Custody; exchange; execution; placing; RTO; transfers |
| Kraken | Payward Europe Solutions Ltd; Payward Global Solutions Ltd | IE | Europe entity: custody, exchange, execution, placing, RTO, portfolio mgmt · Global entity: trading platform (b) |
| OKX | OKX Europe Limited | MT | Custody; trading platform (b); exchange; execution; placing; RTO; portfolio mgmt; transfers |
| Crypto.com | Foris DAX MT Limited | MT | Custody; exchange; execution; RTO; transfers |
| Bybit | Bybit EU GmbH | AT | Custody; exchange; placing; transfers |
| Gemini | Gemini Intergalactic EU Ltd | MT | Custody; exchange; execution; placing; RTO; transfers |
| Gate | Gate Technology Limited | MT | Custody; trading platform (b); exchange; execution; transfers |
| KuCoin | KuCoin EU Exchange GmbH | AT | Custody; exchange; placing; transfers |
| Bitstamp | Bitstamp Europe S.A. | LU | Custody; trading platform (b); exchange; execution; RTO; transfers |
| Bitpanda | Bitpanda GmbH (AT); BP23 CA Ltd (MT); Bitpanda Asset Mgmt (DE) | AT / MT / DE | Custody; exchange; execution; placing; RTO; transfers |
| Bitvavo | Bitvavo B.V. | NL | Custody; trading platform (b); transfers |
| Robinhood | Robinhood Europe UAB | LT | Custody; execution; RTO; transfers |
| Bullish | Bullish Europe GmbH | DE | Custody; exchange; execution; transfers |
| Trade Republic | Trade Republic Bank GmbH | DE | Custody; execution; RTO; transfers |
| Finst | Finst B.V. | NL | Custody; execution; RTO; transfers |
| Coinmerce | Coinmerce B.V. | NL | Custody; exchange; transfers |
| Paymium | PAYMIUM SAS | FR | Custody; trading platform (b); exchange; execution; transfers |
| Anycoin (.cz) | MP Developers s.r.o. | CZ | Custody; trading platform (b); exchange; execution |
| AMINA EU | AMINA (Austria) AG | AT | Custody; exchange; portfolio mgmt; transfers |
| Ilirika | ILIRIKA d.d. | SI | Custody; execution; RTO; portfolio mgmt |
| D2X | D2X Group N.V. | NL | Custody |
| Börse Stuttgart Digital | Boerse Stuttgart Digital Custody GmbH | DE | Custody; transfers |
Crypto Exchanges Without Confirmed MiCA Authorisation
As of 30 June 2026, the exchanges below do not hold a confirmed MiCA authorisation. A submitted application is not an authorisation — ESMA has stressed there is no "pending" status that permits continued operation after the deadline. Absence from the register is not proof of unlawful activity; a firm may operate via a differently named entity, or a recent decision may be unpublished.
- Binance — failed to secure a MiCA licence; holds no CASP authorisation in any member state. Restricting services to EEA users from 1 July 2026.
- Bitget — European entity filed a MiCA application with Austria's FMA (announced ~17 June 2026); management confirms it is not yet authorised.
- MEXC — no publicly confirmed authorisation.
- HTX (formerly Huobi) — no publicly confirmed authorisation.
- BingX — no publicly confirmed authorisation.
- CoinEx — no publicly confirmed authorisation.
- Phemex — no publicly confirmed authorisation.
What Happens to an Exchange Without MiCA Authorisation?
An unauthorised platform's options after the deadline vary by company and country. Common paths include:
- Stopping new customer registrations in the EEA.
- Restricting deposits or trading while allowing limited activity.
- Migrating users to another legal entity that is authorised.
- Providing withdrawal-only access so clients can move funds out.
- Conducting an orderly wind-down of EEA operations.
- Reapplying in another EU jurisdiction.
Individual customer arrangements can differ between platforms and member states, so users should rely on the official notices their provider issues rather than general expectations.
What MiCA Means for Crypto Users
You can verify any provider yourself. A simple process:
- Search the official ESMA MiCA register (updated regularly).
- Check the legal entity, not only the brand name — the entity serving you is what matters.
- Check the authorising regulator (for example BaFin, MFSA, CSSF, AFM, FMA or ATVP).
- Review the authorised service scope — confirm the services you need are covered.
- Confirm the service is available in your country within the passporting footprint.
- Read migration or account-restriction notices carefully.
Remember: a MiCA licence does not protect you from market volatility, token losses or poor investment decisions. It tells you the provider has been reviewed and is supervised — not that your returns are safe.
What MiCA Means for Token Issuers and Exchanges
For projects and venues, MiCA reshapes commercial practice:
- Greater scrutiny of listings — venues assess assets more carefully.
- More formal onboarding and due diligence — documented, repeatable processes.
- White paper and disclosure requirements — especially for issuers.
- Restrictions involving non-compliant stablecoins — licensed venues have removed USDT trading for EU users because its issuer did not seek MiCA authorisation.
- Higher expectations for liquidity providers — counterparties are expected to be regulated and transparent.
- Greater importance of transparent order execution — execution quality becomes a compliance matter, not just a commercial one.
- Increased demand for regulated counterparties — institutions favour authorised partners.
The throughline: regulation is tightening the link between market quality, liquidity and long-term institutional adoption. Projects that work with regulated, transparent partners are better positioned for the supervised market that now exists.
Orcabay and MiCA
Orcabay is a MiCA authorised Crypto-Asset Service Provider. Its operating entity, Orcabay finančne storitve d.o.o., is established in Slovenia and supervised by the Securities Market Agency (ATVP). The authorisation was recorded on 10 November 2025.
Orcabay is authorised for two service categories, which map directly to its work as a market maker and liquidity provider:
- Execution of orders for crypto-assets on behalf of clients
- Providing advice on crypto-assets
Orcabay does not claim authorisations outside this scope. It is not authorised to operate a trading platform, and these are the two categories relevant to a market-making mandate — market making is not itself one of MiCA's ten named services, so the perimeter is defined by the underlying activities performed.
Why this matters for token issuers and exchange partners:
- A regulated European counterparty — verifiable in the ESMA register and supervised by a named authority (ATVP).
- Greater operational transparency — activity sits inside a supervised framework.
- Defined order-execution responsibilities — execution is a regulated service, with the obligations that brings.
- Stronger governance and compliance processes — the conditions of authorisation apply on an ongoing basis.
- Long-term commitment to the European market — authorisation reflects a durable EEA presence.
- The ability to support projects navigating a more regulated liquidity environment — particularly as venues raise expectations of liquidity partners.
Orcabay also operates on a non-custodial basis, with trading-only permissions and no withdrawal or custody rights over client assets — a structure that limits counterparty exposure regardless of regulatory status.
Projects and exchanges looking for a MiCA authorised European market making partner can contact Orcabay to discuss liquidity, market making and exchange support.
FAQ
What is a MiCA licensed crypto exchange?
It is a platform whose European legal entity holds a CASP authorisation under MiCA, granted by a national regulator and listed in the ESMA register. The authorisation follows a full review of governance, capital, custody and controls, and it allows the entity to serve clients across the EEA via passporting.
Which crypto exchanges have a MiCA licence?
Authorised names include Coinbase, Kraken, OKX, Crypto.com, Bybit, Gemini, Gate, KuCoin, Bitstamp, Bitpanda, Bitvavo, Robinhood, Bullish, Trade Republic, Finst and Coinmerce, plus smaller venues such as Paymium and AMINA EU. Always confirm the specific entity and service scope in the register.
Does Binance have a MiCA licence?
No. As of 30 June 2026, Binance failed to secure a MiCA licence and holds no CASP authorisation in any EU member state. It will restrict services to EEA users from 1 July 2026.
Is MiCA authorisation valid across the entire European Union?
Generally yes. A CASP authorised in one EU or EEA country can passport its services across the bloc — around 30 markets. However, the exact country list can vary by firm, and some entities exclude specific jurisdictions, so check each provider's passporting footprint.
How can I check whether an exchange is MiCA authorised?
Search the official ESMA MiCA register, confirm the exact legal entity rather than the brand, note the authorising regulator, review the authorised services, and check that the service is offered in your country. The register is the authoritative source.
Is a national VASP registration the same as a MiCA licence?
No. A VASP registration mainly confirmed a business existed and committed to AML rules. A MiCA CASP authorisation is a full regulatory approval to provide specific services. A legacy registration provides no legal cover after 1 July 2026.
Does MiCA make crypto investments safe?
No. MiCA improves transparency, custody standards and supervision, but it does not remove market volatility, token-specific risk, security incidents or the consequences of poor investment decisions. Authorisation is about oversight, not guaranteed outcomes.
Can an exchange continue serving EU users while its application is pending?
After 1 July 2026, no. ESMA has confirmed there is no "pending" status that permits continued service. A firm is either authorised or it is not.
Does MiCA apply to market makers?
Yes, depending on the services performed. Market making is not one of MiCA's ten named services, but the activities involved — typically execution of orders and advice — are regulated services that require authorisation. A compliant market maker should hold the relevant categories.
Is Orcabay MiCA authorised?
Yes. Orcabay finančne storitve d.o.o. is authorised by Slovenia's ATVP (recorded 10 November 2025) for execution of orders on behalf of clients and advice on crypto-assets — the categories relevant to market making and liquidity provision.
Disclaimer: The information provided in this article is for informational purposes only and does not constitute financial, investment, or legal advice. Regulatory and licensing information changes frequently. Always verify the current status of any provider directly with the official ESMA register and the relevant national authority before making decisions.
Jakob Brezigar
Jakob, an experienced specialist in the field of cryptocurrency market making, boasts an extensive international presence. With Orcabay, he has skillfully managed major operations and deals for a wide array of global stakeholders.
