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Since the EU-wide transition for legacy crypto-asset service providers ended on 1 July 2026, an exchange serving customers in Germany generally needs MiCA authorisation—or must qualify under a specific route for certain already-regulated financial entities. An old German licence, a pending application, or a familiar brand name is not proof of current MiCA authorisation. Customers should check the provider’s legal entity and the services its authorisation covers in official registers. Authorisation sets regulatory duties; it does not guarantee a crypto asset’s value or protect customers from every loss.
What MiCA authorisation means
The EU Markets in Crypto-Assets Regulation (MiCA) generally bars a crypto-asset service provider (CASP) from offering covered services in the Union unless it is authorised under Article 63 or qualifies through the Article 60 route for certain regulated financial entities. The relevant service may include custody, exchanging crypto-assets, operating a trading platform, advice, portfolio management, or transfers. An authorisation is therefore a regulatory status tied to an entity and its permitted services—not a general quality rating for an exchange. MiCA, Article 59
How to check an exchange used in Germany
- Identify the legal entity. Find the company name in the exchange’s account, terms, or legal disclosures. A brand may represent more than one entity, so the brand alone is not enough to establish authorisation.
- Search official registers. BaFin says granted authorisations are published in the Federal Gazette, its company database, and ESMA’s register. Use the entity name to check the listing, rather than relying on marketing claims. BaFin’s MiCA authorisation guidance
- Match the service. Confirm that the authorisation covers the activity you use—for example, custody or exchange services. A listing is not by itself evidence that every service associated with a brand is authorised.
- Check cross-border status if relevant. A German-authorised provider can offer services elsewhere in the EU after the required notification. A German-language website or availability in Germany does not, on its own, establish authorisation or passporting. BaFin’s MiCA authorisation guidance
Register entries and regulator guidance can change. Recheck the official listing when choosing a provider or when its status matters to an account decision.
Why an old licence or pending application is not enough
MiCA allowed qualifying providers that had offered services lawfully before 30 December 2024 to continue temporarily under applicable national arrangements. Member States could shorten or decline that transition, and it could not run beyond 1 July 2026. That temporary treatment was not the same as MiCA authorisation. MiCA, Article 143 ESMA’s 23 June 2026 statement
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ESMA said the EU-wide transition expired on 1 July 2026 and that providers without the required authorisation must cease providing the covered services. As of the date of that statement, an application still pending—or a provider’s claim that it is applying—should not be treated as a granted MiCA authorisation. ESMA urged customers to check its register and act promptly if their provider is not authorised, including considering a transfer to an authorised CASP, if identified, or to a self-hosted wallet. That is general supervisory guidance, not individual legal or investment advice. ESMA’s 23 June 2026 statement ESMA Q&A on transitional measures
What customer protections authorisation does—and does not—provide
Under Article 70, a CASP holding clients’ crypto-assets or the means to access them must make adequate arrangements to safeguard clients’ ownership rights, particularly if the provider becomes insolvent, and prevent the provider from using client crypto-assets for its own account. Article 70 also addresses safeguarding client funds where the business model involves holding them. MiCA, Article 70
These duties do not make crypto-assets bank deposits, guarantee reimbursement, prevent a token’s price from falling, or ensure that a provider cannot suffer insolvency, cyber incidents, or operational failures. Treat provider regulation and the investment and custody risks of crypto-assets as separate questions. For a particular exchange, read its custody terms and understand how it says client assets are held.
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If your provider is not listed as authorised
First confirm that you searched the correct legal entity and the relevant service; a brand-name search alone may miss the entity that serves your account. If the provider still does not appear as authorised, do not assume that an old national status or pending application lets it continue after the transition. Review the provider’s communications and wind-down or migration instructions, and consider ESMA’s guidance to transfer assets to an authorised provider or a self-hosted wallet.
A self-hosted wallet is optional, not a MiCA compliance requirement. Choosing self-custody also means taking responsibility for securing access credentials and recovery information; losing access can mean losing access to the assets. If you are unsure how a transfer works or what the provider’s status means for your account, consult an appropriate independent adviser before acting.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What BaFin authorisation involves for providers
In Germany, BaFin handles MiCA authorisation applications. Its guidance describes the application materials, evidence related to digital operational resilience requirements, completeness review, fees, and publication of granted authorisations. An application may be rejected if it remains incomplete after the authority’s deadline. Filing an application is not the same as receiving permission to operate under MiCA. BaFin’s MiCA authorisation guidance
Once authorised, a provider may offer services across the EU after making the required notification. Customers should still check the entity and service scope rather than treating EU-wide availability as proof that a particular service is covered. BaFin’s MiCA authorisation guidance
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