MiCA Article 68 gives supervisors a clean hook: qualifying holders have to clear AML and good-repute screens, and CZ is still Binance’s majority shareholder after the DOJ plea. A completed application is table stakes; the hard part is finding an EU regulator willing to passport that risk across 27 markets. From July 1, unlicensed CASPs are boxed into wind-down mode, so every extra week routes European flow toward licensed venues like Bitpanda and OKX instead of Binance’s order book.

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