KuCoin EU has received the MiCAR license, allowing it to provide legal cryptocurrency services across all 27 EU countries under a unified set of rules, while completing it ahead of the deadline of 1/7.
At the same time, KuCoin EU appointed Sabina Liu as Chief Operating Officer, responsible for compliance, strategy, and operations in Europe, amid the race among crypto exchanges to meet licensing requirements across the bloc.
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KuCoin EU has been granted MiCAR licensing, allowing it to operate legally across the EU under a common framework.
Sabina Liu has been appointed as the CEO of KuCoin EU, focusing on compliance and expanding local operations.
MiCAR replaces fragmented national regulations, requiring crypto businesses to complete approvals by 30/6 to avoid scaling back operations.
KuCoin EU has been granted MiCAR licensing to serve all 27 EU countries
The MiCAR license gives KuCoin EU the 'green light' to provide cryptocurrency services across the EU under a unified standard, rather than seeking individual permissions in each country.
KuCoin EU stated that it completed registration under the MiCAR framework before the 1/7 deadline, meaning before the transitional requirements become more stringent. In terms of operations, MiCAR aims to standardize how crypto businesses meet governance, consumer protection, and compliance standards across the bloc.
MiCAR became law in 2023 with the aim of replacing the 'each country has its own style' situation in crypto regulation in Europe. Accordingly, businesses operating in the EU need to have approvals before 30/6 to avoid the risk of having to scale back or halt services in some member states.
Sabina Liu has been appointed as the CEO of KuCoin EU
Sabina Liu will be responsible for overseeing legal compliance, strategic direction, and daily operations of KuCoin EU in Europe after the company obtains the MiCAR license.
According to KuCoin, before taking on the new role, Sabina managed the institutional client segment of KuCoin. Previously, she spent 14 years at the London Stock Exchange Group, focusing on business development in the Asia-Pacific region and managing a global banking client team trading in the secondary market in London.
KuCoin EU prioritizes local operations and enhances service quality after meeting the compliance foundation
After completing the 'core compliance foundation', KuCoin EU stated it will shift its focus to expanding local operations, improving user services, and achieving sustainable growth within the compliance framework.
In her first public statement since taking office, Sabina Liu emphasized that MiCAR provides a 'clear and unified' legal framework for the cryptocurrency industry in Europe. She noted that the next phase for KuCoin EU is to deepen local operations in the markets while continuously improving user service quality to aim for long-term growth.
Sabina's appointment comes after KuCoin EU completes registration under MiCAR. This information was also mentioned in KuCoin's update about the impact of MiCAR on the European stablecoin market.
MiCAR provides a clear and unified regulatory framework for the European crypto industry. After completing the core compliance foundation, KuCoin EU will focus on deepening local operations and continuously improving user services while pursuing long-term, sustainable growth in a compliant environment.
– Sabina Liu, CEO of KuCoin EU
Europe remains a core market in KuCoin's long-term strategy and compliance. Obtaining the MiCAR license is a key step. It not only creates a solid legal foundation but also prepares KuCoin EU for sustainable operations and compliance across the region.
– BC Wong, CEO KuCoin
MiCAR creates a 'common playing field' and sets a compliance deadline in the EU
MiCAR standardizes crypto regulation in the EU, increases requirements for governance, consumer protection, and compliance, and sets a deadline of 30/6 for businesses to complete approvals to avoid operational restrictions.
With a framework applicable to the entire bloc, MiCAR aims to reduce risks from inconsistencies among member states. Instead of opening services under multiple domestic licenses, businesses aim for a licensing mechanism that allows cross-border operations within the EU, as long as they meet common requirements for control, transparency, and customer protection.
Binance is also racing to apply for a MiCAR license through Greece
Binance is reported to have submitted an application for a MiCAR license in Greece; if approved, the exchange could also provide services across the EU.
According to the stated information, Binance has submitted an application under MiCAR to the Greek Capital Markets Commission and established a holding company locally. The goal is to meet the conditions to operate in EU member states under the regional 'passport' mechanism.
The decision to submit in Greece also drew attention because the country is not often regarded as a major financial center in Europe and is not prominent as a 'crypto-friendly' destination according to popular opinion. However, as the 1/7 deadline approaches, many businesses tend to quickly choose a jurisdiction to keep pace with compliance.
Frequently asked questions
What benefits does the MiCAR license provide to KuCoin EU?
MiCAR allows KuCoin EU to provide legal cryptocurrency services across all 27 EU countries under a unified regulatory framework, rather than relying on separate regulations of each country.
What is Sabina Liu responsible for at KuCoin EU?
She is responsible for overseeing legal compliance, strategic planning, and managing the daily operations of KuCoin EU across Europe.
Why are the 30/6 and 1/7 deadlines important for crypto companies in the EU?
MiCAR requires businesses operating in the EU to complete approvals by 30/6; otherwise, they may have to scale back or halt services in some countries. Therefore, companies are rushing to finalize before the deadline of 1/7.
Where is Binance applying for the MiCAR license?
Binance is reported to be submitting an application for a MiCAR license through Greece, working with the capital markets regulatory agency in that country.