Europe's MiCA deadline is two weeks out, and today's edition is built around it — K33 just secured its licence in Norway, Bitmynt shut down rather than chase one, and Binance's own EU/EEA access hangs in the balance over a disputed Greek regulatory decision. Meanwhile USDT loses its last EU foothold just as Kraken brings perpetual futures onshore in the US — two sides of the same regulatory moment, pulling in opposite directions.

Some of the stories in today's newsletter:

♦️ K33 secures its MiCA licence and plans to use it to expand across Europe.
♦️ Bitmynt, Norway's first bitcoin exchange, shuts down rather than chasing MiCA
♦️ Binance may lose its EU/EEA access after Greece's regulator leans toward rejection. ♦️ USDT loses its last EU foothold as the MiCA deadline hits July 1.
♦️ Kraken launches US perpetual futures as crypto derivatives move onshore.

Have a great read!

Morten

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K33 Markets AS has received MiCA authorisation from Norway's FSA, covering custody, execution and transfer services. CEO Torbjørn Bull Jenssen says the licence will be a platform for growth beyond K33's own clients, including partnerships and acquisitions across the EEA.

Why it matters: One of only a handful of Norwegian crypto firms with full MiCA approval so far, while several peers are still waiting.

Source: K33 to use MiCA licence to expand across Europe — Kaupr

Founder Sturle Sunde is closing Bitmynt, Norway's oldest crypto exchange (since 2010), after deciding not to apply for a MiCA licence — arguing the rules treat a pure exchange the same as a custodian handling other people's money. Customers are referred to Bare Bitcoin; no data is shared without consent.

Why it matters: A direct counterpoint to K33 — proof MiCA's bar is pushing some firms to exit rather than comply.

Source: Bitmynt, Norway's first bitcoin exchange, shuts down ahead of MiCA — Kaupr

Greece's regulator HCMC is expected to reject Binance's MiCA application, Reuters reports, citing two sources. Binance disputes this, saying on X that HCMC has indicated compliance and a board decision is expected before June 30.

Why it matters: A litmus test of how strictly the EU enforces MiCA against its largest player — with two directly conflicting accounts of where the case stands.

Source: Binance May Lose License and EU/EEA Access — Kaupr

Of the 1,200+ firms that held national crypto registrations across the EEA, only around 210 have converted to full MiCA authorisation — roughly 17%. ESMA says there is no intermediate status after July 1: a firm is either authorised or in breach of EU law.

Why it matters: The number that frames the whole MiCA story this week — the gap between licensed and pending is enormous.

Source: 83% of Europe Crypto Firms Have Not Secured MiCA Licenses, And the July 1 Deadline Is Days Away — Yahoo Finance (Cryptonews)

With MiCA's transition period ending July 1, unlicensed exchanges still carrying USDT must exit the EU market entirely, finishing a squeeze that began with the 2024-2025 spot delistings. France's regulator now warns firms still serving EU customers without a licence face criminal charges of up to two years in prison.

Why it matters: Enforcement has moved from market access to personal legal risk for executives at unlicensed firms.

Source: USDT Loses Its Last EU Foothold As MiCA Deadline Hits July 1 — Yellow.com

Christine Lagarde is pushing the digital euro, not private euro-stablecoins, as Europe's answer to dollar-stablecoin dominance, calling the case for euro stablecoins "far weaker than it appears." Her stance puts her at odds with the European Commission, France, and the bank-led Qivalis consortium pursuing a private euro stablecoin.

Why it matters: A real policy split at the heart of Europe's monetary establishment, with years between the ECB's 2029 timeline and what banks want to launch now.

Source: ECB President Lagarde rallies digital euro support against USD stablecoins payment lead — Cryptopolitan

A poll at the FIA International Derivatives Expo in London found perpetual futures were the preferred instrument for 21% of attendees, up from zero two years ago. Kraken's John Palmer said nearly $70 trillion in crypto perpetuals traded globally last year, mostly outside the US.

Why it matters: Perps went from a non-category to a fifth of professional preference in two years, right as US regulation opens up.

Source: Perpetual Futures Gain in Popularity — Markets Media

Kraken began offering CFTC-regulated perpetual futures to US customers via Kraken Pro, listed on its newly acquired Bitnomial exchange. The launch follows May's CFTC approval of Kalshi's bitcoin perpetual and a June 12 no-action letter allowing perp-style futures to convert into true perpetuals.

Why it matters: Brings one of crypto's largest, most liquid product categories onshore after years concentrated on offshore venues like Hyperliquid.

Source: Kraken launches US perpetual futures as crypto derivatives move onshore — CoinDesk

Going deeper: How perpetual futures took off (and where they're going) — a16z crypto

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Wishing you a great Wednesday — and welcome back tomorrow morning for the next edition of Kaupr Today.

Best regards
Morten Myrstad
Founder & Editor