The MiCA e‑money‑token deadline took effect on July 1, 2026. All crypto platforms operating within the European Economic Area were required to be compliant with the EMT rules on that date, or restrict services to European users.
Binance and Bybit — neither MiCA‑licensed for full EU operations by the deadline — restricted services for users in the EEA starting July 1. Coinbase, Kraken, OKX and Crypto.com, all of which cleared the MiCA licensing process, moved to acquire displaced volume.
The USDT question
Tether has not applied for MiCA authorization. Coinbase Europe delisted USDT back in December 2024, Crypto.com followed in January 2025, and Binance’s EEA entity restricted USDT trading pairs in March 2025. As of the July 1 deadline, EU users can still hold USDT in self‑custody and use it in DeFi, but cannot buy, sell or hold it through a MiCA‑authorized centralized service provider.
Competitive incentives
Coinbase offered a 5% transfer bonus to eligible EU users who moved funds onto its platform before July 13. Kraken launched a €1 million prize draw giving users one entry per euro deposited between June 22 and July 31. Circle’s USDC and its euro‑denominated EURC — both structured to meet the rule — kept their European listings.
