Spain's top securities regulator, the National Securities Market Commission (CNMV), confirmed on Friday that it will not extend the July 1 deadline for crypto firms to register under the European Union's Markets in Crypto-Assets (MiCA) framework. Chairman Carlos San Basilio stated there will be "no exceptions or extensions," as reported by Reuters. This comes as Binance, the world's largest crypto exchange, struggles to secure a license. Binance had applied to register under MiCA through Greece but withdrew its application after facing likely rejection. It is now seeking registration in another EU member state but may be forced to temporarily halt operations in Europe when the deadline expires next Wednesday. San Basilio expressed concern about major platforms like Binance that are yet to comply, and noted that regulators are in contact with unlicensed firms to ensure they have plans to transfer client assets to compliant providers if needed. Once a firm registers in an EU country, it can passport its license across the bloc. While EU nations have varying approaches to regulation, they all enforce the same set of crypto rules under MiCA.

Key facts

• Spain's CNMV confirms no extension to July 1 MiCA registration deadline for crypto firms.
• Binance withdrew its MiCA application from Greece and seeks registration elsewhere.
• Unlicensed crypto firms must cease EU operations or transfer client assets by July 1.
• MiCA allows passporting of licenses across EU member states after registration.
• Regulators are in contact with unlicensed firms to ensure investor protection.