Tether and Binance Absent as 53 Crypto Firms Secure EU MiCA Approval

Six months into the European Union’s sweeping Markets in Crypto-Assets (MiCA) regulation, a growing number of crypto firms have cleared the regulatory bar to operate across the European Economic Area (EEA). According to new data shared by Circle's EU Policy Head Patrick Hansen, 53 companies—39 crypto-asset service providers (CASPs) and 14 stablecoin issuers—are now officially MiCA-compliant.

These authorizations give firms the ability to "passport" their services across all 30 EEA nations without the need for separate approvals, marking a major regulatory milestone for the industry.

Among the newly licensed names are prominent platforms such as Coinbase, Kraken, Bitstamp, and OKX, as well as TradFi entrants like Robinhood, BBVA, and Trade Republic.

But noticeably absent are two of the crypto world’s most recognized players: Tether and Binance.

Tether Faces Roadblocks Over Audit Concerns

Tether, the company behind USDT—the world’s largest stablecoin—is not among the 14 entities authorized to issue e-money tokens (EMTs) under MiCA. The firm’s continued lack of a full independent audit appears to be a sticking point. Although Tether has long relied on attestations to verify its reserves, critics argue this falls short of MiCA’s transparency standards.

In an April 2025 interview, Tether CEO Paolo Ardoino acknowledged the challenges of securing a Big Four audit partner, citing crypto's reputational risks and the auditing industry’s ties to traditional banking. Still, without a full audit, Tether’s path to full MiCA compliance remains uncertain.

Binance Stumbles Amid European Legal Troubles

Binance’s absence from the CASP list also reflects its rocky regulatory footing in Europe. Over the past year, the exchange has withdrawn from multiple EU markets—including Germany, the Netherlands, and Cyprus—while facing scrutiny from regulators in Spain and ongoing investigations in France for alleged money laundering.

The exchange has recently limited services like copy trading and imposed new restrictions on certain stablecoins in an attempt to align with MiCA’s demanding compliance framework. Yet, these moves have not been enough to secure licensing—at least not yet.

France, Germany, and the Netherlands Take the Lead

France, Germany, and the Netherlands are emerging as regulatory hubs under MiCA. Together, these three countries account for nearly two-thirds of all licensed EMT issuers and CASPs. Twenty stablecoins—mainly backed by fiat currencies such as the euro and the U.S. dollar—are now fully MiCA-compliant and authorized across seven EU member states.

Next Up: The September Check-In

As MiCA implementation continues, the next checkpoint comes in September with a scheduled 9-month progress update. Until then, the spotlight remains on Tether and Binance—and whether they can adapt in time to claim their place in Europe’s fast-evolving crypto landscape.