crypto markets
The EU Markets in Crypto-Assets regulation turned access to European customers into a licence question. The practical effect is that the venue list available to a European resident is now shorter and better documented than it was three years ago.
Who obtained what
| Venue | EU status | Regulator | Date |
|---|---|---|---|
| Coinbase | MiCA CASP licence, Luxembourg made the EU hub | CSSF, Luxembourg | June 2025 |
| Bitstamp | Bitstamp Europe S.A., CASP licence N00000003 | CSSF, Luxembourg | 16 May 2025 |
| Gemini | MiCA licence after MiFID II approval in May 2025 | MFSA, Malta | August 2025 |
| Kraken | Payward Europe Solutions and Payward Global Solutions authorised as CASPs | Central Bank of Ireland | Registered entities |
| Binance | Told EU users it would suspend services after missing the 1 July 2026 deadline; withdrew its Greek application in June 2026 and said it would apply in France | None yet | June 2026 |
What a licence changes for a customer
- 01A named legal entity, in a named country, with a supervisor that publishes a register.
- 02Rules on custody, segregation of client assets and complaint handling.
- 03Disclosure requirements on fees and on the risks of specific assets.
- 04A supervisor to escalate to, which is not the same as a guarantee of getting money back.
What to do with this
Before funding any venue from Europe, find the entity name in the terms, then search it on the supervisor register named in the footer. If the venue serves you through an entity outside the EU, that is legal in some cases and unregulated in others, and the difference determines what happens in a dispute.
The interesting question is not which exchange is biggest. It is which legal entity your balance is a claim against.
Written by Aram Latifi. Ex-quant developer, now writing about the plumbing of retail trading. No affiliate links on this site.
