Under the European Union's MiCA crypto regulatory framework, exchanges that have not obtained authorisation by July 1 will be subject to regulation with no exceptions or deadline extensions. Cointelegraph reported on June 26 that Carlos San Basilio (카를로스 산 바실리오), a commissioner at Spain's National Securities Market Commission, said there would be neither exceptions nor extensions to the MiCA deadline.

The measure applies to cryptocurrency exchanges, including Binance, that provide services to EU users. Binance withdrew an application it had filed with the Hellenic Capital Market Commission and, as of June 26, had not received approval from regulators in any other EU member state.

If Binance fails to secure approval from financial authorities within the next few days, it must stop accepting new sign-ups from EU residents from July 1. It must also restrict some services for existing EU accounts.

Other exchanges secured MiCA authorisation at the last minute. Cointelegraph reported that the impact on the regional crypto market could be greater if Binance, which has many users in the EU, scales back operations.

Some users are considering leaving Binance. On Reddit, some have said they are considering moving assets to Kraken. Payward, which operates Kraken, secured a crypto asset service provider licence through the Central Bank of Ireland.