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 has set a three-month exit period for stablecoins that do not comply with MiCA regulations and brought custody into its regulatory scope
The European Securities and Markets Authority (ESMA) said on Thursday that licensed EU crypto companies must clear up stablecoin services that do not comply with the Cryptographic Asset Markets Regulation (MiCA) no earlier than January 2027.
ESMA set a three-month deadline in its submissions to national regulators. The opinion covers asset reference tokens (ARTs) and electronic currency tokens (EMTs) that do not meet the conditions for legal issuance or trading in the EU, but does not name any specific tokens.
Regulators are required to check whether companies allow EU customers to buy, trade, hold or increase their holdings of such tokens. This review covers all types of services, from trading platforms and order execution to consulting and portfolio management. Companies providing these services should adopt technical and contractual controls to prevent EU customers from making new purchases.
Custody services have been officially included in the regulatory perspective
ESMA issued a statement on non-compliant stablecoins for the first time on January 17, 2025. At that time, the agency required trading platforms to stop providing relevant services and only allowed them to retain the "sale only" authority until the end of March 2025. At the same time, it was pointed out that the simple custody and transfer of these tokens could still continue.
Binance followed this timetable and removed nine non-MiCA-compliant stablecoins, including USDT, for European users on March 31, 2025. Since then, Binance users can only sell these stablecoins through their "conversion" tools.
The opinion issued on Thursday brought custody and transfer services into the scope of regulation. Both services are now included in the list of services that should be reviewed by regulators. In addition, the submission refutes investor warnings as a solution. The 2025 statement called for awareness campaigns targeting EU investors, but ESMA now believes that measures such as warnings, disclosures and customer confirmations will not address its concerns.
Exit window extended until January 2027
ESMA's 2025 guidelines are based primarily on whether a service constitutes a "public offer" of tokens. Thursday's submission retains that public offer analysis and adds a second basis for determination: citing MiCA regulations that require licensed businesses to act honestly, fairly and professionally in the best interests of their customers. ESMA stated that serving non-compliant tokens should be considered a violation of this obligation.
For companies without a license, the deadline is even earlier. On June 23 this year, ESMA informed these unlicensed providers to stop introducing new EU customers before the end of the MiCA transition period (July 1). According to CASP Tracker, as of July 21, of the more than 3,000 companies serving EU crypto customers, fewer than 300 had licenses.
周四的意见书主要针对那些成功获得牌照的企业。尚未完全合规的企业可能被允许保留有限的退出服务，以避免损害客户利益。这些服务包括出售现有持仓、兑换、提现、转账及安全保管。
这些退出服务不得支持新购买、推广或交易活动。它们应具有时间限制，向客户明确沟通，并接受密切监督。ESMA 将与各国监管机构共同监控该意见书的执行速度。
