The chair of the Spanish National Securities Market Commission reportedly said that there would be no extensions or waivers for crypto companies that did not receive approval to operate in European Union member states under the Markets in Crypto-Assets (MiCA) framework by July 1.\u00a0<\/p>\n
According to a Friday Reuters report, Chair Carlos San Basilio said<\/a> that \u201cthere will be no exceptions \u200bor extensions\u201d to the July 1 MiCA deadline, referring to Binance and other cryptocurrency exchanges affected by the framework. Binance\u2019s operations in the EU are expected to scale back after it withdrew its application<\/a> with Greece\u2019s Hellenic Capital Market Commission and had not received approval from any other authority as of Friday.<\/p>\n \u201cWhat we are concerned about, however, is how this period \u2014 the end of the transitional period \u2014 will unfold, and how the adaptation to the new environment will take place; that is why \u200bwe are in \u200bcontact with the \u2060organisations that have not been granted a licence,\u201d said Basilio, according to Reuters.<\/p>\n Should Binance fail to secure approval from a financial regulator in the next few days, the exchange will be required to halt the onboarding<\/a> of new EU-based users and limit certain services for EU-based accounts starting on July 1. Other crypto exchanges have secured last-minute approvals<\/a> under MiCA, but Binance, with millions of users in the EU, could have a far greater impact on the region’s crypto market.<\/p>\n Related: <\/strong><\/em>Binance\u2019s MiCA fight raises questions over ECB influence<\/strong><\/em><\/a><\/p>\n \u201cThis is Binance\u2019s philosophy of doing business,\u201d said<\/a> OKX founder and CEO Mingxing Xu in response to former Binance CEO Changpeng \u201cCZ\u201d Zhao\u2019s comments on the exchange\u2019s EU deadline. \u201cThey ignore laws and regulations, while misleading the public with bullshits. According to public media reports and court filings, the platform\u2019s so-called \u2018best liquidity\u2019 included trading activity associated with risks involving money laundering, sanctions violations, and market manipulation.\u201d<\/p>\n Cointelegraph reached out to a Binance spokesperson, who referred to the company’s Wednesday statement<\/a>.<\/p>\n With the crypto exchange expected to wind down some operations for EU-based users, some are reporting leaving Binance entirely without a definitive timeline on its return.<\/p>\n Some Reddit users said<\/a> that they were considering Kraken for their funds. Payward, doing business as Kraken, has a Crypto Asset Service Provider license through the Central Bank of Ireland.<\/p>\n Magazine: <\/strong><\/em>AI is banking the unbanked in Africa\u2026 faster than crypto<\/strong><\/em><\/a><\/p>\n Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph\u2019s Editorial Policy<\/a> and aims to provide accurate and timely information. Readers are encouraged to verify information independently. <\/p>\n","protected":false},"excerpt":{"rendered":" The chair of the Spanish National Securities Market Commission reportedly said that there would be no extensions or waivers for crypto companies that did not receive approval to operate in European Union member states under the Markets in Crypto-Assets (MiCA) framework by July 1.\u00a0 According to a Friday Reuters report, Chair Carlos San Basilio said […]<\/p>\n","protected":false},"author":1,"featured_media":30605,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3-images.ctmedia.io\/media\/article-covers\/cryptocurrency-coin-pressure-machine-regulation-government-law-mica-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[11990],"tags":[5076,20878,4281,1227,20877,20876,795,438],"class_list":["post-30604","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-plug","tag-companies","tag-compliant","tag-crypto","tag-extension","tag-nonmica","tag-regulator","tag-rules","tag-spain"],"rttpg_featured_image_url":{"full":["https:\/\/s3-images.ctmedia.io\/media\/article-covers\/cryptocurrency-coin-pressure-machine-regulation-government-law-mica-1.jpg",0,0,false],"landscape":["https:\/\/s3-images.ctmedia.io\/media\/article-covers\/cryptocurrency-coin-pressure-machine-regulation-government-law-mica-1.jpg",0,0,false],"portraits":["https:\/\/s3-images.ctmedia.io\/media\/article-covers\/cryptocurrency-coin-pressure-machine-regulation-government-law-mica-1.jpg",0,0,false],"thumbnail":["https:\/\/s3-images.ctmedia.io\/media\/article-covers\/cryptocurrency-coin-pressure-machine-regulation-government-law-mica-1.jpg",150,150,false],"medium":["https:\/\/s3-images.ctmedia.io\/media\/article-covers\/cryptocurrency-coin-pressure-machine-regulation-government-law-mica-1.jpg",300,300,false],"large":["https:\/\/s3-images.ctmedia.io\/media\/article-covers\/cryptocurrency-coin-pressure-machine-regulation-government-law-mica-1.jpg",1024,1024,false],"1536x1536":["https:\/\/s3-images.ctmedia.io\/media\/article-covers\/cryptocurrency-coin-pressure-machine-regulation-government-law-mica-1.jpg",1536,1536,false],"2048x2048":["https:\/\/s3-images.ctmedia.io\/media\/article-covers\/cryptocurrency-coin-pressure-machine-regulation-government-law-mica-1.jpg",2048,2048,false],"post-thumbnail":["https:\/\/s3-images.ctmedia.io\/media\/article-covers\/cryptocurrency-coin-pressure-machine-regulation-government-law-mica-1.jpg",370,265,false],"kava-thumb-s":["https:\/\/s3-images.ctmedia.io\/media\/article-covers\/cryptocurrency-coin-pressure-machine-regulation-government-law-mica-1.jpg",150,85,false],"kava-thumb-s-2":["https:\/\/s3-images.ctmedia.io\/media\/article-covers\/cryptocurrency-coin-pressure-machine-regulation-government-law-mica-1.jpg",230,230,false],"kava-thumb-m":["https:\/\/s3-images.ctmedia.io\/media\/article-covers\/cryptocurrency-coin-pressure-machine-regulation-government-law-mica-1.jpg",400,400,false],"kava-thumb-m-vertical":["https:\/\/s3-images.ctmedia.io\/media\/article-covers\/cryptocurrency-coin-pressure-machine-regulation-government-law-mica-1.jpg",370,500,false],"kava-thumb-m-2":["https:\/\/s3-images.ctmedia.io\/media\/article-covers\/cryptocurrency-coin-pressure-machine-regulation-government-law-mica-1.jpg",570,450,false],"kava-thumb-l":["https:\/\/s3-images.ctmedia.io\/media\/article-covers\/cryptocurrency-coin-pressure-machine-regulation-government-law-mica-1.jpg",1170,650,false],"kava-thumb-xl":["https:\/\/s3-images.ctmedia.io\/media\/article-covers\/cryptocurrency-coin-pressure-machine-regulation-government-law-mica-1.jpg",1920,1080,false],"kava-thumb-masonry":["https:\/\/s3-images.ctmedia.io\/media\/article-covers\/cryptocurrency-coin-pressure-machine-regulation-government-law-mica-1.jpg",600,999,false],"kava-thumb-justify":["https:\/\/s3-images.ctmedia.io\/media\/article-covers\/cryptocurrency-coin-pressure-machine-regulation-government-law-mica-1.jpg",640,640,false],"kava-thumb-justify-2":["https:\/\/s3-images.ctmedia.io\/media\/article-covers\/cryptocurrency-coin-pressure-machine-regulation-government-law-mica-1.jpg",1280,640,false]},"rttpg_author":{"display_name":"#RiseCelestialStudios","author_link":"https:\/\/design-providers.com\/rise\/author\/ralph-c\/"},"rttpg_comment":0,"rttpg_category":"CRYPTO PLUG<\/a>","rttpg_excerpt":"The chair of the Spanish National Securities Market Commission reportedly said that there would be no extensions or waivers for crypto companies that did not receive approval to operate in European Union member states under the Markets in Crypto-Assets (MiCA) framework by July 1.\u00a0 According to a Friday Reuters report, Chair Carlos San Basilio said…","_links":{"self":[{"href":"https:\/\/design-providers.com\/rise\/wp-json\/wp\/v2\/posts\/30604","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/design-providers.com\/rise\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/design-providers.com\/rise\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/design-providers.com\/rise\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/design-providers.com\/rise\/wp-json\/wp\/v2\/comments?post=30604"}],"version-history":[{"count":1,"href":"https:\/\/design-providers.com\/rise\/wp-json\/wp\/v2\/posts\/30604\/revisions"}],"predecessor-version":[{"id":30606,"href":"https:\/\/design-providers.com\/rise\/wp-json\/wp\/v2\/posts\/30604\/revisions\/30606"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/design-providers.com\/rise\/wp-json\/wp\/v2\/media\/30605"}],"wp:attachment":[{"href":"https:\/\/design-providers.com\/rise\/wp-json\/wp\/v2\/media?parent=30604"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/design-providers.com\/rise\/wp-json\/wp\/v2\/categories?post=30604"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/design-providers.com\/rise\/wp-json\/wp\/v2\/tags?post=30604"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Binance users looking to other exchanges?<\/h2>\n