Crypto exchanges 23.06: seven days to MiCA

Tuesday, 23 June 2026, saw the crypto market split its attention between two storylines. On one hand, only seven days remain until the end of the EU's MiCA transition period, and France's regulator is sounding ever louder warnings about the consequences for unlicensed exchanges. On the other, the market caught a brief breather as a ceasefire in the Middle East allowed Bitcoin to recover some of the losses of recent weeks.

Seven days to the MiCA deadline

The MiCA transition period in the European Union ends on 30 June, and the deadline is final. The European Securities and Markets Authority, ESMA, confirmed back in April that there would be no extension. From 1 July, any provider offering crypto-asset exchange, custody or other services in the EU and the European Economic Area will need a full Crypto-Asset Service Provider, or CASP, licence.

According to industry estimates, more than 200 providers across the European Union have already secured a licence ahead of the deadline. That suggests the market is broadly prepared, yet several large platforms, including Binance, the world's largest exchange by volume, still have no authorisation in any member state.

France's regulator sharpens its tone

Seven days before the deadline, France's financial markets regulator, the AMF, has markedly sharpened its warnings. The regulator has stated that platforms which continue to offer services to European clients without a licence after 30 June will be placed on warning lists and may face legal proceedings. The AMF reminds firms that providing crypto services without authorisation is a criminal offence in France, carrying the risk of imprisonment and fines, while supervisors may also impose substantial financial penalties tied to a company's turnover.

In Binance's case, attention remains focused on France. After the exchange earlier withdrew its MiCA licence application in Greece, France's AMF is seen as the last realistic chance to obtain a CASP licence before the deadline. Binance has been registered in France since 2022 as a digital-asset service provider, but that older registration does not grant the right to operate across the entire European Union, and according to available information a full MiCA application has yet to be formally completed.

The Nordics: licensed operators already prepared

In contrast to the uncertainty around Binance, several local operators in the region have already secured their future. In Sweden, the supervisor Finansinspektionen has granted a MiCA CASP licence to the exchange Safello, one of the largest crypto platforms in the Nordics with more than 425,000 users. The authorisation allows Safello to continue operating and to lay the groundwork for expanded services across the European Economic Area.

Norway's exchange Firi received its MiCA CASP licence from the Norwegian financial supervisor Finanstilsynet back in May and is using the so-called passporting mechanism to expand into other countries. The company has announced its entry into Sweden, which would become its third Nordic market after Norway and Denmark. In Finland, several licensed providers are active, including Coinmotion, which obtained its licence last year, and Northcrypto, which is expanding its licence to cover trading services.

The Baltics: steady but cautious progress

In the Baltic states the picture remains uneven but is moving forward. According to the ESMA register, around six CASP licences have so far been issued in both Latvia and Lithuania. In Latvia the transition period ended back at the close of 2025, and Latvijas Banka is issuing licences gradually, while in Lithuania supervision is carried out by the Bank of Lithuania. Estonia, historically one of the largest issuers of crypto licences, has been more cautious under the new regime, since old authorisations are not automatically converted and firms must meet stricter requirements.

For users in the region, the key practical advice remains unchanged: before the deadline, it is worth checking the MiCA licence status of your operator in the European CASP register or on the national regulator's list. Those using exchanges without a clear licence status may want to consider already-licensed alternative providers in the region.

The market: ceasefire brings brief relief

In the broader market, 23 June was marked by a modest reprieve. After tensions in the Middle East had pushed Bitcoin lower in recent weeks, a ceasefire framework reached by the United States and Iran eased concerns over oil supplies and improved sentiment in risk-asset markets. Bitcoin recovered from around the 63,000-dollar zone and traded higher, at times approaching the 70,000-dollar mark.

Analysts nonetheless urge caution. The durability of the ceasefire is fragile, and structural pressure persists: US-listed spot Bitcoin funds endured several weeks of uninterrupted outflows, with the cumulative total since mid-May exceeding four billion dollars. Market participants also continue to watch signals from the US Federal Reserve and US Treasury yields, which affect the appetite for non-yielding assets.

What to watch in the coming days

In the final days before 1 July, three questions will matter most: whether Binance reaches an agreement with France's AMF in time, what the region's regulators decide in their last licensing rulings, and how durable the market's post-ceasefire recovery proves to be. Investors using Baltic or Nordic crypto exchanges are still advised to confirm their operator's licence status before the new regulatory phase begins.

Sources

• ESMA - Markets in Crypto-Assets Regulation (MiCA) overview
• Latvijas Banka - Crypto-asset service providers
• Bank of Lithuania - Authorisation of crypto-asset service providers
• Finanssivalvonta - Crypto-asset service providers (FIN-FSA)
• Safello - Safello AB granted MiCA authorization
• Journal du Coin - MiCA: sans licence au 30 juin, les exchanges crypto seront blacklistes et poursuivis par l'AMF