What ESMA (and the AMF) actually said.
The honest way to read a supervisory statement is to restate it plainly, not to dramatise it. Per ESMA’s early-July 2026 statement — republished by the AMF — the position is a clean binary.
After 1 July 2026 there is no halfway house. A provider either holds a MiCA authorisation to serve EU clients, or it must wind down its EU activity. “Application pending” or “grandfathered” is not a status that lets you keep serving EU clients.
An unauthorised provider is expected to wind down in an orderly way — stopping new activity while letting existing clients exit — and to safeguard client assets throughout. The client-protection obligation runs through the whole process.
Per ESMA, around 280 CASPs were authorised as of 9 July 2026 — a point-in-time figure that grows as authorities record new authorisations. Confirm the current number, and any specific entity, on the ESMA register.
Restated for general information: unauthorised CASPs must wind down EU activity in an orderly way while safeguarding client assets; there is no intermediate status after 1 July; ~280 CASPs authorised as of 9 July. Read ESMA’s and the AMF’s own wording for the authoritative text.
What “orderly” means, step by step.
“Orderly” is doing a lot of work in the statement. In practice it points at a recognisable set of actions — the same ones a well-run wind-down would take anyway.
| Obligation | What it looks like in practice |
|---|---|
| Stop new activity | Close new onboarding, deposits, and new positions for EU clients — the inflow side stops first. |
| Let existing clients exit | Keep withdrawals open and functioning so existing clients can move their assets out on a clear timeline. |
| Safeguard client assets | Protect client funds and crypto-assets throughout — segregation and safekeeping do not lapse because you are winding down. |
| Communicate clearly | Tell clients what stops, what continues, and by when they must act — via the firm’s own notices, in plain terms. |
| Stop EU-targeted marketing | A wind-down surface should not still be advertising into the EEA. Continuing to market cuts directly against “winding down”. |
This is a plain-language reading for general information, not legal advice and not a determination of any firm’s status. Confirm the specific obligations against ESMA’s and the AMF’s statements and your own advisers.
The marketing surface is where “orderly” is most visible.
Regulators can see your marketing without asking you for anything. That makes migration comms and live campaigns the most visible signal of whether a wind-down is genuinely orderly. Two things matter most here.
A wind-down or migration notice should set out what stops, what continues, and the client’s deadline — clearly and without a promotional overlay. Under Article 88, even a wind-down notice must be clear, fair, and not misleading.
A disclaimer does not turn EU-targeted marketing into non-targeted marketing, and reverse solicitation cannot be used systematically. If you are winding down, the marketing has to actually stop reaching EEA users — not merely add a footnote.
The two live paths from here.
ESMA’s binary leaves exactly two constructive directions. Neither is a marketing problem to paper over — both are decisions with a marketing consequence.
| Path | What it requires | Start here |
|---|---|---|
| Get authorised Become one of the recorded CASPs. |
Pursue a MiCA authorisation from an EU/EEA competent authority and hold your EU marketing to the MiCA standard while you do — audit the assets before they ship. | Launch Audit → |
| Prove you’re not marketing into the EEA Genuinely non-EEA, and staying that way. |
Check that your live surfaces are not targeting EEA users — the test a non-EEA firm should run on its own banners, pages, and posts before relying on being “outside”. | Free non-EEA check → |
This page does not assert that any named firm is unauthorised or acting unlawfully. It explains a public supervisory statement and the general obligations it restates. For your firm’s position, confirm on the ESMA register and take qualified advice.
Related rules.
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The five paths open to an unauthorised CASP — licence, cease, orderly wind-down, transfer clients, merge — and what each does to your marketing surface.
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The enforcement-posture spectrum by member state, and how to announce a wind-down without triggering a fresh marketing finding.
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The authorisation math behind ESMA’s count, the three wind-down obligations, and the penalty range for staying unauthorised.
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Why the “own exclusive initiative” exemption cannot be relied on systematically, and what counts as marketing into the EEA.
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MiCA, FCA, SEC, GDPR — the marketing rules, quoted and explained.
This page is general, educational information for CASPs and marketing teams, not legal, financial, or investment advice, and not a determination of any firm’s authorisation status or any authority’s intentions. It restates a public ESMA statement (republished by the AMF) in early July 2026 and the ~280-CASP count as of 9 July — point-in-time facts that can change. Naming no firm as unauthorised is deliberate. Read ESMA’s and the AMF’s own wording, confirm the current position on the ESMA register of authorised CASPs, and consult qualified counsel for your situation. As of 12 July 2026.