According to Odaily, the European Securities and Markets Authority (ESMA) has released an opinion regarding the use of non-EU execution venues by global cryptocurrency companies. The European regulatory body acknowledges the risks associated with the complex structures of these global crypto firms, as these execution venues fall outside the scope of the Markets in Crypto-Assets (MiCA) regulation. This opinion is part of ESMA and National Competent Authorities' (NCAs) broader efforts to ensure the effective application of MiCA and the convergence of regulatory practices across the European Union.

ESMA's intervention aims to address the risks posed by global crypto companies seeking partial authorization for certain crypto brokerage activities under MiCA regulations while keeping a significant portion of their internal execution venues outside the EU regulatory framework. The regulatory authority noted that the complex structures of global crypto firms might involve EU-authorized brokers who effectively route orders to intra-group execution venues outside the EU. This practice could lead to reduced consumer protection and create an unfair competitive environment compared to EU-authorized execution venues.