TechFlow News, June 26: According to a Reuters report, Carlos San Basilio, Chair of Spain’s securities market regulator CNMV, stated on Friday that the regulator will grant no extensions or exemptions for cryptocurrency firms failing to obtain an EU MiCA license by the end of June—including major platforms such as Binance—which must accordingly withdraw from the EU market in compliance with regulations.
San Basilio said the regulator is maintaining close communication with unauthorized firms, focusing particularly on their exit plans and arrangements for transferring customer assets to safeguard investor interests. He also warned that investors engaging in new transactions on unauthorized platforms will no longer be protected under the MiCA framework.
Currently, MiCA implementation is the responsibility of individual EU member states; however, proposals have been put forward to expand the supervisory powers of the European Securities and Markets Authority (ESMA) in the future.
