Crypto exchanges 25.06: Binance exits EU market

Thursday, 25 June 2026, became one of the most significant days of the entire MiCA transition. Binance, the world's largest crypto exchange, announced that it would suspend part of its services in the European Union after failing to secure a single licence before the 30 June deadline. At the same time, Bitcoin fell to roughly its lowest level in twenty months, and the market remained distinctly cautious. For users in the Baltics and the Nordics, the key question stayed the same: will the exchange they rely on still be legal after 1 July.

Binance leaves part of the EU market

The day opened with news the industry had anticipated for months. After withdrawing its MiCA application in Greece the previous day, Binance confirmed on 25 June that it would suspend several services across European Union countries once the new regulatory phase begins. That leaves the market leader temporarily without a single European authorisation that would allow it to serve clients across the European Economic Area.

Binance stressed that it is not leaving Europe entirely and continues to seek a licence in another member state. France is named as a possible next home, where the company already holds a digital-asset service provider registration predating MiCA. An existing relationship with a regulator usually makes further licensing easier, but nothing has been confirmed yet.

The Greek case became a lesson for the whole sector. According to media reports, the national regulator was prepared to reject the application, so Binance chose to withdraw it on its own. The episode shows that MiCA offers no automatic guarantees even to the largest players, and that each member state assesses applications carefully.

Five days to the MiCA deadline

The MiCA transition period in the European Union ends on 30 June, and from 1 July any provider offering crypto-asset exchange, custody or other services in the European Economic Area must hold a full Crypto-Asset Service Provider, or CASP, licence. After 25 June only five days remain, and the European Securities and Markets Authority, ESMA, has already confirmed there will be no extension.

The scale is considerable. While the number of fully licensed firms across the European Union gradually passed two hundred, that is still only a small share of the more than a thousand companies that previously operated under national registrations. A large part of the historical players will either leave the European market or suspend operations while completing authorisation.

It is worth remembering that Latvia, Lithuania and Finland had one of the shortest transition periods in Europe, just six months. That meant firms in these countries had to arrange their licences earlier than in many other member states, and the region's regulators have been strict for some time.

Baltic and Nordic exchanges: who already operates legally

In contrast to Binance, several regional exchanges have already secured their future in the European market. Norway-based Firi, the largest crypto exchange in the Nordics with more than four hundred thousand users, has received a MiCA licence from the Norwegian financial supervisor and is expanding into Sweden. In Finland, both Coinmotion and Northcrypto have obtained licences, while in Sweden Safello has secured a full CASP authorisation.

In the Baltics the focus is on Lithuania, where the Bank of Lithuania supervises CASP licensing. The number of registered firms shrank considerably during the transition, but significant players have received authorisation, including the payments and crypto company Coingate. Large fintech companies also use Lithuania's licensing infrastructure as an entry point to the European single market.

This contrast matters for Baltic and Nordic users. While global players are still fighting for authorisation, several local and regional platforms already meet the new requirements, including the segregation of client funds and transparency reporting.

Bitcoin falls to a twenty-month low

In the broader market, 25 June brought pressure. Bitcoin dropped during the day to around sixty thousand dollars and at one point hit its lowest level in nearly twenty months, with an intraday trough close to fifty-nine thousand dollars. By the close the price stabilised in the sixty-one to sixty-two thousand dollar zone, well below the record set in the spring.

The main source of pressure remained the US-listed Bitcoin funds, which recorded a sixth consecutive week of net outflows totalling several billion dollars. Sentiment gauges reflected the caution, with the fear and greed index sitting deep in fear territory. Market participants continue to watch signals from the US Federal Reserve and bond yields, which influence appetite for risk assets.

Although the price drop and the regulatory deadline coincided in the same week, the two events are largely unrelated. MiCA affects which platforms may operate in Europe, while Bitcoin's price is driven by global capital flows and macroeconomic factors.

What to watch in the coming days

In the final days before 1 July, three questions will matter most: whether and where Binance secures a new licence, what the region's regulators decide last, and how durable the market stabilisation proves after the sharp drop. Investors using Baltic or Nordic crypto exchanges are still advised to verify their operator's licence status in official regulator registers 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)
• Euronews - Binance to halt crypto services across EU countries after failing to secure MiCA approval
• CoinDesk - Binance withdraws Greek MiCA bid but vows to remain in Europe