ESMA said EU crypto clients must be served through a MiCA-authorized entity as Binance faces questions over its servicing model in the region after the MiCA deadline.
European Union crypto clients should be served through a Markets in Crypto-Assets Regulation (MiCA)-authorized legal entity after the bloc’s July 1 transitional deadline, the European Securities and Markets Authority (ESMA) told Cointelegraph, adding to questions over how global exchanges can keep servicing users in the region.
Crypto asset service providers (CASPs) must hold MiCA authorization to serve clients across the EU and European Economic Area, an ESMA spokesperson told Cointelegraph on Monday.
“EU clients should be serviced through a MiCA-authorized entity,” the ESMA representative said, adding that MiCA protections apply only to the legal entity that is licensed in the EU.
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