EU MiCA Deadline Puts 75% of Crypto Firms Out of Business

The European Union's MiCA (Markets in Crypto Assets) framework has brought an end to its transitional period, effectively pushing unlicensed crypto exchanges off the market. As of July 1, only about 194 companies had secured a MiCA license out of over 3,000 registered across the region.

This means that around 75% of older firms will lose their right to serve EU clients, with France being one of the toughest enforcers. The country's markets regulator has warned that firms still serving EU customers without a license after the cutoff face criminal charges, including two years in prison and a €30,000 fine.

Tether's USDT stablecoin, worth around $175 billion, has lost its last regulated foothold in the EU. Major exchanges such as Binance, Coinbase, Kraken, and Crypto.com had already pulled USDT for European users after Tether declined to seek authorization.