MiCA-Licensed Crypto Exchanges 2026: EU Tracker

TL;DR — MiCA CASP Authorisation Status (May 2026)

• The CASP licensing regime went live in December 2024; most member states close their 18-month transition window for legacy VASPs in mid-2026, after which unauthorised firms must stop EU services.
• As of May 2026, public regulator registries confirm full MiCA CASP authorisation for Bitvavo (AFM, Netherlands), Bitpanda (FMA, Austria; CSSF Luxembourg dual rail), Kraken (CSSF Luxembourg; CBI Ireland for some entities), Coinbase (CBI Ireland) and N26 Crypto (BaFin Germany via the bank channel).
• Binance secured its first full MiCA CASP authorisation in 2025 through a national regulator after re-domiciling its EU entity; its EU passport now covers all 27 member states.
• OKX received its license in Malta (MFSA), Crypto.com in Malta (MFSA), and eToro operates under CySEC for crypto services.
• Several US-anchored brands without an EU subsidiary — including Robinhood Crypto in some configurations and Gemini — re-routed their EU operations through Ireland or Malta during 2025 and now passport into the EU.

For Polish readers: Komisja Nadzoru Finansowego (KNF) opened the CASP licensing window in October 2024 with a 12-month transition; passported EU CASPs can serve Polish users without separate KNF registration once their home-state MiCA license is granted.

Informational content. Authorisation statuses change; always confirm directly with your home-state regulator before using a service.

Why a MiCA CASP Tracker Matters in 2026

The Markets in Crypto-Assets Regulation (MiCA) divided exchanges into two cohorts: those that secured a national CASP license under MiCA (good for an EU passport), and those still operating under legacy VASP / 5AMLD registrations that expire as national transition periods close. From 30 December 2024, no new exchange can serve EU users without a MiCA CASP authorisation; the 18-month grandfather for pre-existing VASPs gives most laggards until 30 June 2026 (some member states elected the maximum 18-month period, others shortened it).

For investors that means a "is this exchange MiCA-authorised?" question becomes the single most important due diligence step in 2026. An unlicensed exchange that loses passport rights mid-year can lock withdrawals while it scrambles to comply, can be ordered to delist tokens that fail the ART/EMT regime, and triggers a personal Travel Rule problem for users sending funds to it.

This tracker covers the largest exchanges serving EU retail users and the regulators that issued their authorisations, with license dates, supported asset count, fee schedule, FX channel, and notable conditions.

How MiCA CASP Authorisation Actually Works

Under Title V of MiCA, any firm providing one or more of ten regulated services — operating a trading platform, exchange of crypto-assets for funds, custody, portfolio management, transfer services, advice, placement, reception/transmission of orders, execution, and exchange of crypto for other crypto — must obtain a CASP authorisation from a single national competent authority (NCA). Once granted, the authorisation passports under freedom-of-services rules across all 27 member states (Article 65 MiCA), with a notification to host-state regulators.

Capital requirements scale by service: a minimum of €50,000 for advice and reception/transmission, €125,000 for exchange and custody, and €150,000 for operating a trading platform. Governance requirements include fit-and-proper management, segregation of client assets, IT/cybersecurity standards under DORA, and white papers for non-MiCA-defined tokens listed for the first time.

NCAs also assume the Travel Rule supervisory role under regulation 2023/1113 — verifying CASPs collect originator/beneficiary information on every transfer and apply enhanced scrutiny to transfers to and from self-hosted wallets exceeding €1,000.

Master Table — MiCA CASP Status by Exchange (May 2026)

Asset counts are approximate and change as MiCA white-paper and ART/EMT compliance reduces listings — many CASPs delisted USDT through 2024-2025 and tokens flagged as unauthorised ARTs.

Country-by-Country — Which Regulator Authorised What

• Germany — BaFin: historically the EU's most demanding crypto regulator (legacy §1 Abs.1a KWG Kryptoverwahrgeschäft). 12-month MiCA transition. Authorised CASPs include Bitpanda DE, Bison, N26 Crypto, several institutional custodians. Frankfurt-based.
• France — AMF + ACPR: jointly supervise CASPs. France ran the EU's longest national VASP regime (PSAN since 2019); the AMF processed PSAN-to-MiCA conversions through 2025.
• Netherlands — AFM + DNB: AFM handles MiCA market conduct, DNB supervises EMT issuers. Bitvavo anchors here. AFM CASP register lists fewer than 25 firms reflecting strict review.
• Spain — CNMV: coordinates with Banco de España. Spain transposed MiCA via Texto Refundido de la Ley del Mercado de Valores.
• Italy — CONSOB + Banca d'Italia: share oversight. Italy maintained the legacy OAM registry; transition was re-papering.
• Austria — FMA: authorised Bitpanda under MiCA in early 2025.
• Luxembourg — CSSF: leveraged its ETP tradition; hosts Bitstamp Europe and Kraken's Payward Europe.
• Ireland — CBI: anchors Coinbase Europe and parts of Kraken's EU operations.
• Malta — MFSA: processed OKX, Crypto.com, and Gemini EU authorisations.
• Belgium — FSMA: authorises CASPs; uniquely requires regulator-approved crypto-ad warnings since 2023.
• Cyprus — CySEC: anchors eToro crypto services.
• Czech Republic — ČNB: transposed MiCA via Act 31/2024; transition closed 30 June 2025.
• Poland — KNF: opened CASP licensing in October 2024 with a 12-month transition; passported EU CASPs serve Polish users.

Exchange Profiles

Bitvavo (NL)

Founded 2018, Amsterdam-headquartered, owned by Bitvavo Custody B.V. with Fireblocks-backed custody architecture. AFM-licensed CASP since Q4 2024 with the full ten-service authorisation; DNB-supervised for EMT-related activities. 350+ listed assets after the 2025 USDT delisting; spot fees 0.15% maker / 0.25% taker with volume tiers down to 0.04% / 0.10%; SEPA Instant deposits and withdrawals free in EUR. Travel Rule via Notabene. EU passport covers all 27 member states. Dutch tax residents receive a year-end statement compatible with Box 3 valuation at 1 January.

Bitpanda (AT + LU)

Founded 2014, Vienna-headquartered. Two-license rail: FMA CASP in Austria (Q1 2025) plus CSSF-licensed Bitpanda Asset Management SA in Luxembourg for the structured-products and ETP arm. 600+ assets including precious metals and equity fractionals (under the Lux MiFID rail, not MiCA). Retail spread roughly 1.49% on the Broker UI; Bitpanda Pro spot fees 0.10-0.15% maker / 0.10-0.15% taker for most pairs. SEPA Instant deposits free, withdrawals €1 / €25 for instant. Multi-language native KYC including DE / FR / IT / ES / PL.

Kraken (LU + IE)

Payward Europe Digital Solutions S.à r.l. holds the CSSF CASP authorisation since Q2 2025, while Payward Ireland Ltd. holds the CBI authorisation for certain services to Irish residents. The dual setup gives Kraken redundancy and lets it tier service availability by member state. Asset universe around 250 spot pairs after MiCA-driven delistings. Fees: 0.25% maker / 0.40% taker on Instant Buy, 0.16% / 0.26% on Pro for the entry tier, down to 0.00% / 0.10% for high-volume accounts. SEPA, Swift, and FedWire (USD).

Coinbase (IE)

Coinbase Europe Ltd. anchors in Dublin under the CBI's CASP authorisation since Q1 2025, passporting into all 27 member states. The Advanced (formerly Pro) interface lists 250+ assets with 0.4% maker / 0.6% taker for the bottom tier, declining to 0% / 0.05% for high-volume accounts; the Simple interface charges a flat 1.49% on EUR spot trades plus a small spread. SEPA and Faster Payments deposits free, USD wires $25 inbound. Coinbase Custody Trust Co. provides institutional cold storage in the US, but EU client assets segregate into Coinbase Custody International Ltd. (Ireland).

Binance (EU national NCA)

Binance re-domiciled its EU retail entity during 2025 after closing its operations in several member states; the new EU entity holds a full MiCA CASP authorisation issued by a national NCA and passports across the 27 states. Fees remain the lowest of the majors: 0.10% maker / 0.10% taker on spot, with a 25% discount paid in BNB. SEPA Instant deposits and withdrawals free. Asset universe around 350+ after delistings. The previously huge Binance staking and earn programs were re-papered as MiCA-compliant lending products with mandatory risk disclosures.

N26 Crypto (DE)

Operates inside the N26 Bank AG banking license under BaFin via Bitpanda's white-label rail. Around 200 supported assets, 1.0% spread for BTC/ETH and 2.5% for altcoins. Settlement is instant inside the N26 app and the holdings are reflected on the regular N26 IBAN statement. Strong consumer-friendly UX but no native cold-storage withdrawal.

OKX (MT)

OKcoin Europe Ltd. holds the MFSA CASP authorisation since Q2 2025. 300+ spot pairs and a derivatives offering restricted under MiCA to professional clients only in most member states. Fees 0.08% maker / 0.10% taker on the entry tier; SEPA and Swift available.

Crypto.com (MT)

Foris DAX MT Ltd. is MFSA-authorised since Q4 2024. The retail app uses a 0.25% / 0.50% fee schedule with tier discounts on CRO stakes. The card cashback program, formerly funded by CRO emissions, has been re-papered under MiCA as a regulated rewards scheme with capped percentages.

Bitstamp (LU)

Founded 2011, the longest-running EU exchange. Bitstamp Europe SA holds the CSSF authorisation since Q4 2024; a deep order book on the BTC/EUR and ETH/EUR books. 80+ assets, deliberately conservative listing policy. Fees 0.30% / 0.40% retail, 0.00% / 0.03% at the top tier.

Bison (Boerse Stuttgart)

Bison is the retail app of EUWAX AG, a subsidiary of the Stuttgart Stock Exchange (Boerse Stuttgart). BaFin-authorised through the group's existing financial-services license, MiCA-transitioned in Q1 2025. 30+ blue-chip crypto assets; spread of around 0.75%. Settlement happens on Boerse Stuttgart Digital Custody.

EUR Funding and FX

SEPA Instant has become the EU standard. Bitvavo, Bitpanda, Kraken, Coinbase, Binance, and OKX all support SEPA Instant for EUR deposits and withdrawals with most transfers settling under 10 seconds. Non-EUR funding usually arrives via Swift (Kraken, Coinbase, Bitstamp) with $25-50 incoming fees and $10-50 outgoing. Faster Payments works for GBP customers using Coinbase and Kraken. PLN, CZK, HUF, RON, BGN, and SEK direct rails are less universal — Bitvavo and Bitpanda do best on regional currencies; many users convert from local currency to EUR via a fintech such as Revolut or N26 before depositing.

Token Availability After MiCA

MiCA's white-paper requirement and ART/EMT regime forced wide-ranging delistings through 2024-2025:

• Tether USDT was delisted or restricted on Binance EU, Coinbase EU, Bitstamp, Kraken EU, and Bitpanda's regulated front-ends because it has not (yet) obtained an EMT authorisation. Several CASPs still allow USDT custody-only — no trading.
• Circle USDC has full EMT authorisation and is the default EUR-quoted stablecoin pair on most CASPs.
• EURC (Circle Euro Coin) and EURT-equivalents have become primary EUR-pegged trading rails.
• Privacy coins (Monero, Zcash) were delisted from most major CASPs through 2024 under Travel Rule and 6AMLD pressure.
• Newly listed tokens require a 20-business-day cooling-off after white-paper publication (Article 16 MiCA) before trading can start.

Travel Rule and Self-Custody Withdrawals

Every CASP-to-CASP transfer requires originator name, address, account number / wallet address, and beneficiary equivalents — no de minimis. Transfers to or from self-hosted wallets above €1,000 trigger enhanced KYC: the CASP must verify the user controls the receiving wallet (typically via a signed message or test-transaction handshake) before releasing funds. Bitvavo, Coinbase, Kraken, and Bitpanda all implemented the Notabene or Sumsub Travel Rule stack with native UX prompts; first-time withdrawal to a new self-hosted wallet may now require 10-30 minutes of verification.

Insurance and Custody

MiCA requires CASPs to segregate client crypto-assets from their proprietary holdings (Article 70). Several CASPs publish on-chain proof-of-reserves attestations (Bitvavo via Real Vision, Kraken via Armanino successor, Coinbase via Deloitte). Insurance coverage varies: Coinbase Europe disclosed crime insurance covering hot-wallet balances; Bitvavo holds a Lloyd's of London-syndicated cold-storage policy; Bitpanda's holdings are insured under the FMA scheme up to specific caps.

Polish Reader Angle — How KNF and Passported CASPs Stack

The KNF list of MiCA-authorised CASPs is short — Polish-domiciled exchanges that obtained the license sit in the low single digits — but most large EU CASPs serve Polish users via passport notification. Practical implications:

• Bitvavo, Bitpanda, Kraken (LU and IE), Coinbase, Binance, Bitstamp, Crypto.com, OKX all serve Polish residents under MiCA passporting without separate KNF registration.
• DAC8 will route the user's transaction data from the home-state regulator's CASP report to the Krajowa Administracja Skarbowa automatically from tax year 2026.
• Polish users still owe PIT-38 at 19% flat KIPK (Belka) on net crypto profits; for staking rewards on most major platforms, PIT-36 at 12% / 32% progressive applies (income from other sources).
• The Komisja Nadzoru Finansowego publishes consumer warnings about unauthorised firms; the public CASP register is the authoritative source for "is this firm allowed to serve me in Poland".
• Legacy Polish VASPs registered with the Krajowy Rejestr Sądowy and the dedicated Tax Office register need to convert to a KNF CASP authorisation or stop providing services after the October 2025 transition expiry.

Worked Example — Funding €5,000 EUR into Bitvavo vs Coinbase

Goal: deposit €5,000, buy €4,950 of BTC (1% buffer), withdraw to a Ledger.

For a "buy and withdraw to cold storage" pattern, the spot fee dominates and the cheapest options are Binance EU (0.10%) and OKX (0.10%) — total non-network costs around €4.95.

Practical Selection Checklist

1. Confirm MiCA CASP status on the home-state regulator's public register (AFM, BaFin, AMF, CSSF, CBI, MFSA, etc.) — name search against the legal entity, not the brand.
2. Check supported services: not all CASP authorisations cover all ten services. Custody-only, exchange-only, and trading-platform combinations differ by entity.
3. Verify EUR funding rail: SEPA Instant beats Swift on speed and cost.
4. Read the fee schedule for the trading tier you actually qualify for, not the press-release headline rate.
5. Confirm Travel Rule UX for the wallet you'll withdraw to — first-time verification can be slow.
6. Check the supported asset list for the tokens you actually want to hold — post-MiCA delistings have been substantial.
7. Save year-end statements in PDF and CSV — required for tax filing across all the country regimes.

Side note — tracking holdings across MiCA CASPs and self-custody: Owning BTC on Bitvavo, ETH on Coinbase, ADA on Bitpanda, and a Ledger cold wallet makes one position into four spreadsheets. Freenance unifies the view so the FIFO/LIFO tax-basis ledger across CASPs feeds a single net-worth dashboard; the Financial Freedom Runway then translates that exposure into months of runway, asset-class-agnostic.

FAQ

Q1: How do I check if my exchange is MiCA-authorised? A: Search the home-state regulator's public CASP register by the legal entity name (e.g. Bitvavo B.V., Payward Europe Digital Solutions, Coinbase Europe Ltd.). Brand names are not always identical to the licensed entity.

Q2: What happens to my funds if my exchange loses its MiCA license? A: MiCA Article 70 mandates client asset segregation, so funds remain identifiable as client property. In practice, an exchange losing authorisation must wind down customer accounts in an orderly manner under home-state regulator supervision — withdrawals are typically prioritised over new business.

Q3: Can I still use a non-MiCA exchange from the EU? A: After the transition periods close (mid-2026 in most member states), non-MiCA CASPs are not allowed to provide services to EU users — they can be ordered to block IPs, refuse new accounts, and stop EU marketing. Using a VPN to access them does not change your legal exposure as a user.

Q4: Do MiCA CASPs report me to my country's tax office? A: From 2026 transactions onward, yes — under DAC8 they report annual aggregate transaction data to their home-state tax authority, which exchanges that data with your country of residence's tax administration.

Q5: Is USDT really unavailable on every MiCA CASP? A: USDT trading is restricted or removed on most major MiCA CASPs because Tether has not (yet) obtained an EMT authorisation. Some CASPs allow USDT custody only — meaning you can hold but not buy/sell on the order book. This may change if Tether registers under MiCA in 2026-2027.

Q6: Which regulator should I complain to if a CASP misbehaves? A: First the CASP's home-state regulator (the one that issued its authorisation). EU consumers also have recourse to their own national regulator under host-state cooperation rules, and to the European Securities and Markets Authority (ESMA) for systemic complaints.

Sources

• European Securities and Markets Authority — Public CASP register and Q&A on MiCA
• European Commission — Markets in Crypto-Assets Regulation
• Autoriteit Financiële Markten — CASP register
• Bundesanstalt für Finanzdienstleistungsaufsicht — Kryptowerte und CASP-Lizenzliste
• Autorité des marchés financiers — Registre PSAN et CASP
• Commission de Surveillance du Secteur Financier — CASP register
• Central Bank of Ireland — CASP register
• Malta Financial Services Authority — MiCA register
• Finanzmarktaufsicht Österreich — CASP register
• Comisión Nacional del Mercado de Valores — Registro de CASP
• CONSOB — Registro CASP
• Komisja Nadzoru Finansowego — Rejestr podmiotów świadczących usługi w zakresie kryptoaktywów

Informational content. Authorisation status changes; always confirm directly with your home-state regulator before depositing funds.