MiCA Licensed Crypto Exchanges Compared

1. Kraken

Kraken holds three EU licences and has the longest clean custody record among the six exchanges we tested. On 25 June 2025, the Central Bank of Ireland authorised Payward Europe Solutions Limited under MiCA. That authorisation extends to all 30 EEA countries through passporting, the right to use one country's licence across the bloc. Euro balances fall under a second Irish company's e-money licence. Eligible clients can also access regulated futures through a Cyprus-supervised investment firm.

Our SEPA Instant deposit from N26 arrived in under a minute at no charge. BTC/EUR on Kraken Pro, the order book interface, had the narrowest spread in our tests: the smallest gap between buy and sell prices. More than 400 assets are available to EEA accounts, although USDT has been unavailable since March 2025.

Small-account fees rose on 9 July. Kraken's fee schedule now starts at 0.40% for maker orders that wait on the order book and 0.80% for taker orders that execute immediately. Those rates drop to 0.22% and 0.38% if you trade $10,000 over 30 days or hold $20,000 on the platform. Using the simple buy screen costs about 1% plus a spread.

Kraken customers have lost no funds to a breach since 2011. Regular Proof of Reserves audits check that it holds customer balances in full. In April, however, Kraken disclosed that two support staff had improperly viewed data from about 2,000 client accounts. It refused the subsequent extortion demand. Our Kraken review assesses the full platform.

Pros

• Irish MiCA authorisation covers spot trading, with separate licences for e-money and regulated futures.
• Free SEPA and SEPA Instant deposits arrived in under a minute. BTC/EUR had the narrowest spread we measured.
• No customer funds lost to a breach since 2011, supported by regular Proof of Reserves audits.

Cons

• At 0.40% and 0.80%, Kraken Pro's entry fees are the highest order book rates here for accounts under $20,000.
• Two insider incidents disclosed in April exposed support data from about 2,000 accounts.
• USDT is unavailable to EEA accounts, and futures require a separate application.

2. Bybit EU

Bybit EU has the lowest single spot rate in this ranking, charging a flat 0.10% per order. Buying €1,000 of Bitcoin costs €1, compared with €8 for an immediate order at Kraken Pro's entry tier. EEA residents trade on bybit.eu, which operates separately from the global bybit.com exchange.

Austria's Financial Market Authority (FMA) granted MiCA authorisation to Vienna-based Bybit EU GmbH on 28 May 2025. Its five authorised services cover custody, both types of exchange, selling new tokens for issuers and transfers. The list excludes operating a trading platform, a separate service under MiCA. Passporting allows Bybit EU to serve every EEA country except Malta.

In August, sister company Bybit Payments GmbH received an FMA e-money licence, placing euro payments and stablecoin transfers under separate supervision. We tested SEPA Instant with a Revolut deposit, which arrived within a minute for free. The European platform offers about 600 assets across euro and USDC pairs. Accounts also include copy trading, trading bots and the Bybit Card.

EEA accounts cannot access perpetual futures, contracts that track a coin's price without an expiry date. These require an investment firm licence under MiFID II, the EU rules for financial instruments. Chief executive Ben Zhou told CoinDesk in September that he expected approval within about two months. Our Bybit review examines the roughly $1.5 billion theft from the global exchange in February 2025, which Bybit repaid in full.

Pros

• Flat 0.10% spot fees and free real-time euro deposits make it the cheapest exchange here for buying and selling.
• Trading is covered by Austrian MiCA authorisation, while a separate e-money licence covers euro payments and stablecoin transfers.
• Copy trading, trading bots and a payment card are available with standard accounts.

Cons

• Perpetual futures remain unavailable pending the Austrian investment firm licence.
• The FMA authorisation covers five of MiCA's ten services, excluding operation of a trading platform.
• The 2025 theft was the largest exchange hack on record, although Bybit covered every customer's losses.

3. Coinbase

Coinbase is the only exchange in this ranking to publish audited accounts every quarter, as required by its Nasdaq listing. Its EEA customers contract with Coinbase Luxembourg S.A., which received MiCA authorisation from Luxembourg's regulator, the CSSF, in June 2025.

We found the first purchase simplest on Coinbase. After funding by SEPA, we used the one-tap buy screen, where the quote includes a fee and spread. The same account provides access to Advanced Trade, an order book interface with starting fees of 0.40% for makers and 0.60% for takers. Both screens are compared in our Coinbase fees guide.

Bribed support contractors copied personal data from about 69,000 accounts in May 2025. No funds were taken. That November, the Central Bank of Ireland fined Coinbase Europe Limited roughly €21.5 million for a transaction monitoring fault. Coinbase also has a smaller catalogue than Kraken or Bybit EU, at about 250 assets. See our Coinbase review for the full assessment.

Pros

• Its Nasdaq listing requires audited quarterly accounts, which no other exchange here publishes.
• MiCA authorisation in Luxembourg extends across the EEA.
• The simplest first purchase in our tests, with funding through SEPA and PayPal.

Cons

• Advanced Trade fees of 0.40% and 0.60% are four to six times Bybit EU's flat rate.
• The group's history includes a 2025 data breach and an Irish regulatory penalty.
• About 250 assets, giving it the smallest catalogue among the order book exchanges here.

4. OKX

OKX charges the lowest starting order book fees of the six exchanges: 0.08% for makers and 0.10% for takers. Its European company received MiCA authorisation from Malta's regulator, the MFSA, in January 2025. Two months later, the group added a MiFID II investment firm licence permitting regulated derivatives.

Stablecoin payments fall under a payment institution licence granted in February. That licence supports OKX Pay and the OKX Card, which spends USDC at checkout. A self-custody wallet is built into the app, allowing you to hold your own keys and move coins off the exchange without separate software. Our OKX Wallet review explains the distinction between the two accounts.

In April 2025, Malta's Financial Intelligence Analysis Unit fined OKX's local company about €1.1 million for past anti-money-laundering gaps. An ESMA peer review three months later found that the MFSA had approved a provider with material issues still unresolved. The licence remains valid across the EEA like any other. We weigh this regulatory record in our OKX review.

Pros

• Starting order book fees of 0.08% and 0.10% undercut every other order book in this ranking.
• The Maltese group holds MiCA authorisation alongside MiFID II and payment institution licences.
• Coins can move off the exchange into a built-in self-custody wallet within the same app.

Cons

• The 2025 Maltese fine and ESMA's criticism of the MFSA weigh on the licence.
• Housing an exchange account and self-custody wallet in one app leaves room for costly mix-ups.
• EEA accounts have access to about 300 assets, fewer than on Kraken or Bybit EU.

5. Bitpanda

Bitpanda suits monthly investors who want to hold shares or ETFs alongside crypto. The Vienna group received three MiCA authorisations during 2025, from Germany's BaFin, Malta's MFSA and Austria's FMA. It is the only platform here with MiCA licences from more than one regulator.

More than 600 cryptocurrencies share one account with fractional shares, ETFs and precious metals. Savings plans take a fixed euro amount from your bank weekly or monthly. In our test, a €50 monthly Bitcoin plan funded through SEPA recorded the date and price of each execution.

According to Bitpanda's price list, Bitcoin purchases cost 0.99%, most other coins cost 1.49%, and small tokens can cost up to 2.49%. Fees on Bitpanda Fusion, the order book interface within the same account, start at 0.25%. Check our Bitpanda countries guide for its operating locations.

Pros

• MiCA authorisation from regulators in Germany, Austria and Malta.
• Savings plans for crypto, shares, ETFs and metals within one account.
• Fusion lowers trading costs to 0.25% without requiring another account.

Cons

• Standard purchase fees of 0.99% to 2.49% are several times those of Bybit EU or OKX.
• You cannot set your own price in the standard app because it has no order book.
• No futures or trading with borrowed funds.

6. Gate

Gate offers EEA accounts more than 1,000 cryptocurrencies, the broadest selection under a MiCA licence in this ranking. Gate Technology Ltd received authorisation from Malta's MFSA on 29 September 2025. The same company gained a payment institution licence in February.

Maker fees start at 0.09% and taker fees at 0.10%. Trading bots and copy trading are included, along with a launchpad for new token sales. To fund in euros, you must use SEPA or cards. Neither Apple Pay nor Google Pay is supported.

Gate's order books have few active buyers and sellers outside the major assets. The resulting spread can outweigh the commission saving. The concerns about Malta's supervision discussed under OKX also apply here. Our Gate review explains why we treat it as a second account.

Pros

• More than 1,000 cryptocurrencies, the largest selection among these six exchanges.
• Entry fees of 0.09% and 0.10%, with trading bots and launchpad access included.
• The same Maltese company holds both MiCA authorisation and a payment institution licence.

Cons

• Wider spreads on small coins can erase the commission saving.
• Like OKX, it is affected by ESMA's criticism of Maltese supervision.
• Euro funding is restricted to SEPA and cards.

How to Choose a MiCA Licensed Exchange

All six exchanges can legally serve EEA residents. Your choice depends on the services each licence permits, the euro funding options and the total cost of a trade.

1. Match the company to the register: Licences belong to legal entities, such as Payward Europe Solutions Limited or Bybit EU GmbH. Find the company in the exchange's terms of service and check it against ESMA's interim MiCA register. For country-by-country rankings, see our best crypto exchanges in Europe guide.
2. Read the services, then look for a second licence: The register specifies which of the ten services a company may provide. Running an order book that matches customers with each other requires permission to operate a trading platform. Moving USDC or EURC for clients also requires an e-money or payment licence under EU payments law.
3. Fund from an IBAN in your own name: The Instant Payments Regulation has required euro-area banks to send real-time transfers at the standard price since 9 October 2025. Banks must also check the payee's name first, so copy the recipient exactly as the exchange displays it. Our guides cover IBAN transfers, N26, Revolut and ING.
4. Price a full purchase and sale: Buying €1,000 of Bitcoin costs €1 at Bybit EU, €4 to €8 at Kraken Pro's entry tier and €9.90 on Bitpanda's standard screen. Include the spread and withdrawal fee in your calculation. Our maker and taker fees guide explains the two order types.
5. Confirm your product exists for EEA accounts: Check the EEA market list before depositing. No licensed exchange lists USDT, privacy coins have mostly disappeared, and futures require a separate MiFID II licence.

What a MiCA Licence Covers

MiCA authorisation allows a company to provide specified crypto services across the EEA under one supervisor. The legal term in Regulation (EU) 2023/1114 is crypto-asset service provider (CASP), covering exchanges, brokers and custodians. A national regulator authorises the company. Passporting then extends its services to all 27 EU countries, plus Iceland, Liechtenstein and Norway.

• Ten separate services: These include custody and exchanging crypto for money, as well as operating a trading platform, executing orders, placing, transfers, advice and portfolio management.
• The transition is over: Older national registrations allowed firms to continue operating until 1 July 2026. Full authorisation has been required to serve EU clients since then. At the end of September, ESMA's register contained about 360 authorised providers.
• Futures sit outside MiCA: Offering perpetual futures requires a MiFID II investment firm licence because the contracts count as financial instruments. Kraken and OKX hold one; Bybit EU is awaiting its own. Our perpetual and spot trading explainer explains the difference.
• National regulators supervise, for now: Each national regulator, such as Ireland's central bank or Austria's FMA, oversees its own licence holders, with ESMA coordinating. In December 2025, the European Commission proposed transferring supervision of all CASPs to ESMA. The proposal has not become law.
• The rulebook is under review: The Commission closed its consultation on revising MiCA on 30 September. A report due by 30 June 2027 may propose changes affecting stablecoins, staking and lending.

MiCA Capital Requirements and Client Asset Protection

Licensed exchanges must maintain a minimum amount of their own capital and separate customer assets from company holdings. Under Article 67 and Annex IV of MiCA, the capital requirement is the higher of a fixed floor or one quarter of the previous year's fixed overheads.

• Class 1, €50,000: Covers firms that execute or transmit orders, place tokens, provide transfers, give advice or manage portfolios.
• Class 2, €125,000: Adds custody and exchanging crypto for money or other crypto. Bybit EU's five authorised services fall within this class.
• Class 3, €150,000: Adds operating a trading platform.

A large exchange's annual fixed costs make the overheads test the effective requirement, since one quarter of those costs far exceeds €150,000. Firms may meet the requirement through their own equity, an insurance policy or both.

Customer crypto must remain separate from an exchange's holdings. Customer euros must be placed with a bank or central bank by the end of the next business day. If an incident attributable to a custodian causes a loss of crypto, it is liable up to the assets' market value at the time of loss. The coins themselves have no insurance scheme, while deposit guarantees cover only money in a bank account.

USDT and USDC Under MiCA

Every exchange in this ranking supports USDC trading. None supports USDT. Under MiCA, a stablecoin pegged to a single currency is an e-money token (EMT), which only an EU-authorised bank or e-money institution may issue. Licensed exchanges may list only tokens from authorised issuers.

• USDT has no authorised issuer: Tether chose not to apply. ESMA and European Commission guidance, published in January 2025, instructed exchanges to stop offering non-compliant stablecoins for trading by the end of March 2025.
• Holding USDT remains legal: MiCA limits exchange listings without restricting ownership. Some licensed platforms continue to accept USDT deposits for conversion or withdrawal. Our guide to where USDT is legal follows the position in each country.
• That gap may close: ESMA asked the Commission to amend MiCA on 30 September to prevent licensed firms from providing any licensed service for a non-compliant stablecoin. Adoption would end USDT custody and transfers on these exchanges.
• USDC and EURC are authorised: Circle's French company received its e-money licence on 1 July 2024, becoming the first global issuer to comply with MiCA. The reserves are covered in our USDC explainer.
• The reserve rule Tether rejected: At least 30% of a stablecoin's reserve must be held in bank deposits when its issuer is an e-money institution. For tokens classified as significant, the minimum rises to 60%.
• Moving USDC needs a payments licence: According to the European Banking Authority, transferring an EMT for a client can constitute a payment service requiring a licence under EU payments law. The grace period for exchanges ended on 2 March 2026. Kraken, Bybit EU, OKX and Gate therefore hold e-money or payment institution licences in addition to MiCA authorisation.
• Dollar stablecoins face a payments cap: Issuance of a non-euro token must stop once its payment use in a single currency area, such as the euro area, averages more than 1 million transactions and €200 million daily. Exchange trading is excluded from the cap.

The remaining options are explained in our guide to buying USDT in Europe.

Deposit, Transfer and Tax Reporting Rules

Licensed exchanges identify customers before accepting euros and record the destination of outgoing crypto.

• Bank transfers must match your name: SEPA deposits must come from a bank account held in the customer's own name.
• Crypto transfers carry identity data: The Transfer of Funds Regulation requires exchanges to attach sender and recipient details to every crypto transfer between providers. For a transfer above €1,000 to or from your own wallet, the exchange must verify that you control it. Compare wallet options in our best crypto wallets guide.
• Anonymous accounts end in 2027: The EU's anti-money-laundering regulation prohibits licensed providers from maintaining anonymous accounts or handling privacy coins from 10 July 2027.
• Tax data is shared automatically: Exchanges have been required to collect tax identification numbers and record trades since 1 January 2026 under DAC8, the EU directive on crypto tax reporting. The first files reach tax authorities during 2027.

DAC8 changes who reports your trades; tax rates remain a national matter. Our low-tax crypto countries guide compares the regimes. This is general information. Consult a local tax adviser about your own position.

Is Binance MiCA Licensed?

Binance has no MiCA licence. It applied to the Hellenic Capital Market Commission, Greece's regulator, in January 2026, then withdrew the application on 24 June. The exchange stopped accepting new orders, deposits and sign-ups from EU residents on 1 July but kept withdrawals open.

Binance says it plans to reapply in another member state, reportedly France. By early October, no authorisation had been announced and ESMA's list of authorised providers contained no Binance company.

A Financial Times report on 1 October said ESMA and regulators in France, Germany and Greece were questioning Binance's use of reverse solicitation. Article 61 of MiCA provides this exemption when a client approaches a non-EU firm solely on their own initiative. ESMA describes its scope as very narrow, and regulators could impose fines. Binance maintains that it complies with applicable rules and is working toward authorisation.

Reverse solicitation gives an account none of MiCA's protections, including segregated client assets or a supervisor to whom customers can complain. Treat Binance as a place to withdraw from and transfer active balances to a licensed exchange. Our Binance restricted countries page tracks its remaining markets.

Final Thoughts

Kraken takes first place for its MiCA, e-money and futures licences, backed by a record of no customer funds lost since 2011. For spot trading, Bybit EU is the cheapest choice, while OKX has the lowest order book fees. Coinbase publishes audited accounts. Monthly savers are better served by Bitpanda, and Gate offers the widest coin selection.

A licence confirms that an exchange operates legally; its register entry specifies the services it may provide. Check that entry before depositing, along with the coins and products available to EEA accounts.

USDC and EURC are the settled choices on licensed exchanges. ESMA's September proposal would end the remaining USDT custody and transfer services, so convert or withdraw any USDT held on an EU exchange while both options remain available.

Our Methodology

Our ranking includes only fully MiCA-authorised exchanges that accept customers across the EEA. We tested each this autumn as a resident would.

• Trust score: Scores out of 5 reflect the regulator behind each licence, the exchange's incident history, reserve reporting and years in operation.
• Licence verification: We matched the contracting company in each user agreement to its authorised services in ESMA's register and national regulatory records.
• Euro funding: Standard and real-time SEPA transfers were sent from N26 and Revolut. We timed the deposits and withdrew to the same IBAN.
• Cost of buying and selling: We bought and resold Bitcoin on every platform, adding up commission, spread and withdrawal charges.
• Stablecoin access: We recorded the stablecoins available for EEA accounts to trade, deposit and withdraw. We also checked for an e-money or payment licence within each group.
• Products for EEA accounts: The assessment counted only assets, derivatives, savings plans and wallets accessible to verified EEA accounts.

The final test transactions took place in late September. Before publication, we rechecked every licence using the process set out in our editorial methodology.