On 23 June 2026, the European Securities and Markets Authority (ESMA) issued a Public Statement calling on unauthorised crypto-asset service providers to wind down orderly, while also safeguarding clients’ interests, as the transitional period under the Markets in Crypto-Assets Regulation (MiCA) ends on 1 July 2026.
In the Public Statement ESMA states that it expects unauthorised crypto-asset service providers (CASPs) to take immediate steps to wind down their EU activities in an orderly manner, while also safeguarding clients’ interests and mitigating risks to market integrity. In particular, unauthorised CASPs must:
- Immediately stop onboarding new EU clients, refrain from opening new client relationships or accounts, and cease marketing activities and solicitation.
- Limit the provision of services to actions necessary to sell or transfer crypto-assets, reallocate assets, or close positions. Custody of clients’ crypto-assets can only continue for the period strictly necessary to complete an orderly exit.
- Communicate clearly, promptly and repeatedly with clients (retail and institutional) about the measures taken to safeguard their assets and the wind-down plans so that clients know the timeline to dispose of, transfer, reallocate or close their positions. CASPs’ communications should include a deadline by which any residual positions would be closed automatically and information about client protection requirement.
ESMA also reminds CASPs established outside the EU that they cannot provide MiCA services to EU clients or solicit EU clients. This also applies in a business-to-business context. In this regard, ESMA reminds that MiCA prohibits CASPs from outsourcing or delegating certain services, notably custody, to entities that are not authorised as CASPs.
ESMA reminds clients of unauthorised CASPs, whether EU or non-EU entities, that they do not benefit from MiCA safeguards, including protections for client assets.