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Since the EU’s MiCA transition period ended on 1 July 2026, a crypto exchange providing covered services in Germany generally needs MiCA authorisation from BaFin or an eligible route for certain already-regulated financial entities. An old national licence, a pending application, or a familiar brand name is not proof of MiCA authorisation. Customers should check the provider’s exact legal entity and authorised services in official registers—and understand that authorisation does not guarantee against losses, insolvency, cyber incidents, or fraud.
What MiCA authorisation means
MiCA, the EU Markets in Crypto-Assets Regulation, generally bars a provider from offering covered crypto-asset services in the Union unless it is authorised under Article 63 or may provide the services through the Article 60 route for specified regulated financial entities. The requirement concerns the provider and the services it offers; it is not a general quality badge for a brand or a guarantee about a crypto-asset. MiCA, Article 59
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Covered services can include custody, operating a trading platform, exchanging crypto-assets, advice, portfolio management, and transfers. The relevant question is whether the legal entity serving you is authorised for the service you use—not simply whether its website is accessible in Germany.
How to check whether your exchange is authorised in Germany
- Identify the contracting entity. Check the terms, account documents, or transaction records for the full legal name of the company providing your service. A trading brand may not be the authorised entity.
- Search official records. BaFin says granted authorisations appear in the Federal Gazette, BaFin’s company database, and ESMA’s interim register. Start with BaFin’s MiCA authorisation information and the ESMA register.
- Match the service scope. Confirm that the entry covers the service you use, such as custody or exchange. Do not infer that authorisation for one service covers every service offered under the same brand.
- Check cross-border status where relevant. A German-authorised provider may offer services elsewhere in the EU after the required notification. A German-language website or access from Germany does not itself establish authorisation or passporting.
Register entries and provider status can change. Check the current record rather than relying on an old announcement or a provider’s claim that it has applied.
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Why an application or old licence is not enough
MiCA’s transition rules allowed qualifying providers that were already offering services in accordance with applicable law before 30 December 2024 to continue temporarily under national arrangements. The transition could be shortened or not applied by a member state, and in any case could last no later than 1 July 2026. That EU-wide maximum has passed. A provider that has not obtained authorisation, or whose application was refused, must stop providing the relevant services until authorised. MiCA, Article 143; ESMA statement, 23 June 2026
ESMA distinguishes operating under a temporary national transition from being an authorised CASP under MiCA. Accordingly, “we are applying” is not the same as a granted authorisation. Germany’s previous arrangements for certain institutions authorised under the KWG were transitional; they are not a substitute for MiCA authorisation after the transition ended. ESMA Q&A 2295; BaFin, January 2025
BaFin handles applications in Germany and describes the materials and evidence firms must submit, including DORA-related evidence. It reviews completeness, charges fees, and may reject an application that remains incomplete after the authority’s deadline. Filing paperwork alone does not grant permission to operate under MiCA. BaFin MiCA application guidance
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What happens if an exchange is not authorised?
ESMA says unauthorised providers must cease covered services after the transition ends. Its 23 June 2026 consumer statement advises customers to verify the provider in the ESMA register and act promptly if it is not authorised. Depending on the circumstances, customers may consider moving assets to an authorised provider or a self-hosted wallet. This is general supervisory guidance, not individual legal or investment advice. ESMA consumer statement, 23 June 2026
Before acting, check the provider’s communications and practical withdrawal or transfer instructions. A move to a self-hosted wallet is optional, not a MiCA compliance requirement for customers. It also shifts responsibility for safeguarding access credentials and recovery information to the wallet holder.
What MiCA safeguarding does—and does not—protect
Article 70 requires a crypto-asset service provider holding client crypto-assets or the means of access to make adequate arrangements to safeguard clients’ ownership rights, particularly if the provider becomes insolvent, and to prevent the provider from using client crypto-assets for its own account. Where a business model involves holding client funds, the article also sets out safeguarding arrangements for those funds. MiCA, Article 70
These duties do not guarantee reimbursement or make crypto-assets equivalent to bank deposits. They do not prevent a token’s value from falling, eliminate all insolvency losses, or ensure immunity from cyber incidents and fraud. Authorisation is a regulatory framework for the provider, not insurance against every risk faced by a customer.
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How to compare authorised providers
Authorisation alone does not rank providers or amount to a regulator’s endorsement. When comparing options, assess the details that affect your own use:
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- Entity and register entry: Does the exact legal entity appear as authorised?
- Service scope: Does its authorisation cover the activity you need?
- Asset arrangements: What does the provider disclose about custody and safeguarding client assets?
- Wind-down and migration: How does it communicate service changes and provide for client transfers?
- Cross-border provision: Where is the entity established, and has it made the notification required to passport services across the EU?
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