Germany falls under EU MiCA, in application since 30 December 2024, with the transitional grandfathering period ending 1 July 2026 — after which any CASP serving EU clients without authorisation is in breach of EU law.
Licensing authority: European Securities and Markets Authority (MiCA) + BaFin
Key facts
- MiCA entered into application: 30 December 2024
- EU transitional (grandfathering) period ends: 1 July 2026
- CASP licence passporting: A CASP authorisation from one EU/EEA member state passports across all 27 member states + EEA
- CASP-authorised exchanges EU-wide (as of May 2026): 14 centralised exchanges hold full CASP authorisation, out of ~204 entities authorised across all service categories
- Example CASP-licensed exchanges: OKX, Crypto.com, Gemini, Bitpanda (Malta/MFSA); Coinbase, Kraken (Luxembourg/Ireland); Bitstamp (Luxembourg)
- Binance / Bybit / KuCoin CASP status: Updated 09/07/2026: Bybit (via Bybit EU GmbH) and KuCoin (via KuCoin EU Exchange GmbH) now hold full MiCA CASP authorisation via Austria's FMA (28/05/2025 and 27/11/2025 respectively), confirmed on the ESMA CASP register. KuCoin EU was separately barred by the FMA from new business 19/02/2026–18/05/2026 over AML-staffing gaps, and per the FMA's own release commencement of operations remained restricted at last check — verify current status before relying on it. Binance remains PENDING with no confirmed CASP authorisation found.
- Germany-specific national advertising-rule detail: —
Regulatory timeline
- — MiCA entered into application EU-wide.
- — EU MiCA transitional (grandfathering) period ends; unauthorised CASPs must cease services to EU clients.
Frequently asked questions
Is crypto legal in Germany?
Yes, crypto trading is legal, but since MiCA entered into application on 30 December 2024, providers need a CASP authorisation from an EU/EEA state. The transitional period ends 1 July 2026, after which unauthorised providers must stop serving EU clients.
Which exchanges are confirmed licensed to operate in the EU?
As of May 2026, 14 centralised exchanges held full CASP authorisation, including OKX, Crypto.com, Gemini and Bitpanda (Malta), and Coinbase, Kraken and Bitstamp (Luxembourg/Ireland). Updated 09/07/2026: Bybit and KuCoin have since been confirmed on the ESMA register, authorised via Austria's FMA — though KuCoin EU was separately subject to an FMA operating restriction, so verify its current status before relying on it. Binance still had no confirmed full CASP authorisation as of the research date.
Can a licensed exchange advertise freely in Germany?
No. A CASP authorisation passports market access across the EU/EEA, but promotion is still subject to national advertising rules on top, so we treat Germany as a restricted promotion market and show no monetised listings.