Advertisement
Ripple Wins MiCA Milestone as Binance Shifts EU Licensing Strategy
- Ripple has secured preliminary approval for a MiCA CASP licence in Luxembourg, bringing it closer to offering regulated crypto services across the EEA.
- The approval would complement Ripple’s existing EMI licence and support wider use of its cryptoasset and stablecoin payment infrastructure.
- Binance has withdrawn its Greek MiCA application and is pursuing authorisation in another EU member state ahead of the 1 July deadline.
Ripple is moving closer to full regulatory approval in Europe after securing preliminary approval for a Crypto Asset Service Provider (CASP) licence in Luxembourg under the EU’s Markets in Crypto-Assets (MiCA) regulation. The approval was granted by Luxembourg’s Commission de Surveillance du Secteur Financier and is subject to final requirements being met before authorisation is finalised.
The licence would allow Ripple to expand regulated cryptoasset services throughout the European Economic Area and provide its payments infrastructure to financial institutions and businesses across the region. Together with Ripple’s existing EU Electronic Money Institution licence, the approval would enable access to the company’s cryptoasset and stablecoin payment services through a single integration.
Ripple said the authorisation would also support expansion into additional cryptoasset activities as demand for digital asset infrastructure continues to develop across Europe. The company already maintains a significant presence in the region and holds more than 75 regulatory licences globally.
Related: Chainlink Backs Global Banking Pilot to Test Stablecoin-Powered FX Settlements
Binance Shifts Strategy Before 1 July Cut-Off
At the same time, Binance has changed its MiCA licensing plans by withdrawing its application in Greece and preparing to apply in another EU member state. The company said it would publicly identify the new jurisdiction once it is ready to do so.
The move comes shortly before the end of MiCA’s transitional period on 1 July. The European Securities and Markets Authority has stated that crypto service providers without authorisation by the deadline must begin winding down their EU activities.
Binance said it remains committed to the European market and is taking steps to comply with regulatory requirements. The exchange added that some users may be affected by the transition and will receive direct communication outlining any necessary actions.
Related: Polish President Vetoes MiCA Bill Again, Casting Doubt on Crypto Oversight Timeline
Author
Rachel Lourdesamy
Rachel is a freelance writer based in Sydney with experience within financial services, marketing, and corporate communications in the APAC region. An avid reader and a graduate of the University of Sydney, she covers topics including business, finance and human interest.
