Exchange Ranking
Top Exchanges
24h Volume Ranking
Popularity Ranking
Exchange BTC Balance
Proof of Reserves
Decentralized Exchanges
Funding Rate
Funding Heatmap
Liquidation Data
Max Pain
Long/Short Ratio
Whale L/S Ratio
Binance/Okex/Huobi L/S
Bitfinex Margin L/S
ETF Tracker
Solana ETF
XRP ETF
Hong Kong ETF
Bitcoin Treasuries
Crypto Reversal
Ethereum Reserves
HyperLiquid Wallet Analysis
Hyperliquid Whale Watch
Large Transactions
On-chain Movement
Bitcoin ROI
Stablecoin Market Cap
Options Analysis
News
Articles
Economic Calendar
Features
Wallet
Contract Calculator
Security
Collections
Watchlist
FollowingESMA requires MiCA Authorizations to stop providing non-compliant token services to EU customers.
On October 8, the European Securities and Markets Authority (ESMA) announced that crypto asset service providers authorized by MiCA should stop providing services to EU customers involving asset reference tokens (ARTs) and electronic currency tokens (EMTs) that do not comply with regulatory requirements. This regulatory stance is not limited to the listing of affected tokens, but also covers services such as trading, redemption, transfer, custody and portfolio management.
According to ESMA's announcement, its instructions require competent authorities in various countries to urge relevant companies to eliminate remaining pre-existing exposures as soon as possible and complete rectification within three months after the issuance of opinions. Therefore, the actual deadline is set as 2027 January 8.
Three-month rectification period
For MiCA-authorized crypto asset service providers serving EU customers, ESMA's opinion guides national regulators to require companies to eliminate remaining pre-existing exposure to asset reference tokens and electronic currency tokens that are not authorized or do not comply with MiCA regulations within three months after the opinion is issued. The directive is directly aimed at national regulators, not companies themselves.
Companies must terminate services involving affected tokens; the expected goal is not just to restrict the listing or trading of new tokens, but to stop the services altogether.
Custody and transfer services are regulated
ESMA clearly includes trading, redemption services, as well as transfer, custody and portfolio management among its expectations for services involving unauthorized or non-compliant tokens. Therefore, when authorizing service providers to hold affected tokens for customers, process customer transfers, or manage investment portfolios that contain such tokens, it is within the scope of regulation.
The scope of regulation is not limited to providers operating asset markets. ESMA defines the measure as services involving unauthorized tokens, not just the ability to buy and sell those tokens on an exchange.
Limited services during liquidation
ESMA stated that during the rectification period, companies can only continue to provide necessary and limited services to clear, convert, withdraw, transfer or safely preserve affected assets. These services must be time-limited, risk-based and subject to strict supervision. The move is designed to allow companies to manage existing customer positions while completing the liquidation process, rather than maintaining regular services if non-compliant tokens exceed rectification needs.
ESMA pointed out that competent authorities in various countries are expected to supervise companies 'application of the above restrictions during the rectification period ending on January 8, 2027.
