The European Securities and Markets Authority (ESMA) has set a three-month wind-down deadline for licensed EU crypto firms offering non-compliant stablecoins, according to an opinion released Thursday and addressed to national supervisors.
Licensed firms must cease services for asset-referenced tokens (ARTs) and e-money tokens (EMTs) that fail to meet MiCA's conditions by early January 2027. The opinion applies to stablecoins that do not meet the conditions for a lawful offer or trading in the EU but does not name specific tokens.
Expanded Scope Includes Custody
ESMA's latest guidance significantly expands the regulatory scope compared to its January 2025 statement on non-compliant stablecoins. That earlier statement required trading platforms to delist such tokens by March 31, 2025, but allowed custody and transfer services to continue. In response, Binance delisted nine non-MiCA stablecoins for European users on that date, including Tether's USDT, while permitting sales through its Convert tool.
Thursday's opinion brings custody and transfer services into the compliance requirement, placing both on the list of activities that supervisors should review. The guidance also rejects investor warnings as a sufficient remedy, dismissing awareness campaigns, disclosures, and client acknowledgments as inadequate to address regulatory concerns.
Supervisory Requirements
Supervisors are instructed to verify whether firms allow EU clients to buy, trade, hold, or add to non-compliant stablecoins across all service types, including trading platforms, order execution, advisory services, and portfolio management. Firms must implement technical and contractual controls to block new purchases by EU clients.
ESMA's position rests on two grounds: whether a service constitutes a public offer of the token, and a firm's MiCA duty to act honestly, fairly, and professionally in clients' best interests. The authority stated that serving a non-compliant token should be presumed to breach that duty.
Limited Exit Services Permitted
Licensed firms may continue limited exit services—including selling, conversion, withdrawal, transfer, and safekeeping of existing holdings—during the wind-down period. These services must not support new purchases, promotion, or trading, and must be clearly communicated to clients as time-limited and subject to close supervision.
ESMA will monitor compliance alongside each national supervisor. The opinion follows an earlier deadline imposed on unlicensed providers, which were ordered to stop onboarding new EU clients by July 1, 2025, at the end of MiCA's transition period.
