# What MiCA makes EU crypto exchanges publish, and who it binds

MiCA makes an EU crypto trading platform publish its book and trades, free after fifteen minutes. Which venues that reaches, and which it does not.

*https://cryptomarkets.tools/guides/what-mica-makes-eu-exchanges-publish · background to Crypto Market Data APIs*

**Answer:** Partly. Article 76 of MiCA obliges an EU-authorised crypto trading platform to publish its bids, asks and depth and the price, volume and time of every trade, to sell that data on a reasonable commercial basis, and to make it free fifteen minutes after publication, machine readable and kept for two years. It binds only firms authorised to operate a trading platform: 22 of 387 entries in ESMA's register on 22 October 2026.

A regulated stock exchange in the EU has had to publish its quotes and trades, and to give them away
after fifteen minutes, for years. The obvious question for anyone building on crypto data is whether
MiCA did the same for crypto venues. It did, in one article, for a smaller set of venues than the
word "exchange" suggests.

[Why this market won't quote you a price](https://cryptomarkets.tools/guides/why-half-this-market-wont-quote-a-price) set out
what a published-data duty looks like under MiFIR and left the crypto regimes outside what it
checked. This page is that check.

## How it works

The duty sits in Article 76 of Regulation (EU) 2023/1114, the article headed "Operation of a
trading platform for crypto-assets". Three paragraphs carry it.

- **Pre-trade, paragraph 9.** The operator "shall make public any bid and ask prices and the depth of
  trading interests at those prices which are advertised for crypto-assets through their trading
  platforms", continuously during trading hours.
- **Post-trade, paragraph 10.** It "shall make public the price, volume and time of the transactions
  executed", for all such transactions, "as close to real-time as is technically possible".
- **Access, paragraph 11.** That information is made available "on a reasonable commercial basis",
  with non-discriminatory access, and then: "That information shall be made available free of
  charge 15 minutes after publication in a machine-readable format and it shall remain published for
  at least two years."

Paragraph 16 asked ESMA for technical standards on how the data is presented, and the Commission
adopted them as Delegated Regulation (EU) 2025/417, published on 14 March 2025. That instrument is
where the numbers are:

- **Thirty seconds.** Article 4: each transaction is published "as close to real-time as is
  technically possible and in any case within thirty seconds after the execution of the
  transaction".
- **Five levels of book.** Annex I, Table 1: a continuous order book publishes the aggregated
  number of orders and the quantity they represent "at each price level for at least the five best
  bid and offer price levels". A quote-driven system publishes each participant's best bid and offer
  with volumes; a periodic auction publishes the indicative price and volume.
- **An automated market maker is covered too, differently.** For a system "relying on liquidity
  pools and mathematical pricing and valuation models", Annex I requires the pricing equation, the
  liquidity in the pool on a continuous basis, and any parameter needed to work out the execution
  price of a given order. Recital 5 limits this to systems not "operated in a fully decentralised
  manner without intermediary", which recital 22 of MiCA puts outside the Regulation altogether.
- **A fixed trade record.** Annex II lists the fields: trading date and time, a crypto-asset
  identification code, the asset's full name, price, price currency, quantity, venue of execution and
  venue of publication as an ISO 10383 market identifier code, publication time and a transaction
  identification code, with flags for a cancelled or amended report. Currency pairs are written with
  the ISO currency code for fiat and the ISO 24165 Digital Token Identifier short name for the
  crypto-asset.
- **Per-asset slices on request.** Article 5 makes the venue publish pre- and post-trade data
  separately and, on request, broken down by crypto-asset — unless it makes the data available free
  of charge, in which case the disaggregation duty does not apply.

## Who it binds

This is where most readings of MiCA go wrong. Article 76 does not bind "crypto exchanges". It binds
"crypto-asset service providers operating a trading platform for crypto-assets", which is one of ten
services a firm is authorised for, and MiCA defines it narrowly. Article 3(1) separates:

- **operation of a trading platform** — "the management of one or more multilateral systems, which
  bring together or facilitate the bringing together of multiple third-party purchasing and selling
  interests";
- **exchange of crypto-assets for funds**, and for other crypto-assets — "the conclusion of purchase
  or sale contracts … with clients … by using proprietary capital";
- **execution of orders on behalf of clients**.

A firm authorised only for the second and third is, on the face of its authorisation, dealing with
you or routing your order, not running a multilateral book — and Article 76 does not reach it.

ESMA's interim register shows how that falls out. The CASPS.csv file ESMA published on 22 October
2026 has 387 entries for 384 distinct legal entities. Counted on 23 October 2026, **22 list
"operation of a trading platform for crypto-assets"** among their services. They include OKX Europe
Limited, Bitstamp Europe S.A., Payward Global Solutions Limited (trading as Kraken), Bitvavo B.V.,
One Trading Exchange B.V., Gate Technology Limited and Revolut Digital Assets (Europe) Ltd, along
with smaller venues and two German entities better known from securities and FX trading.

Several of the names readers expect are registered without it. Coinbase Luxembourg S.A., Bybit EU
GmbH, KuCoin EU Exchange GmbH, Foris DAX MT Limited (Crypto.com) and Gemini Intergalactic EU Ltd
each list custody, exchange for funds, exchange for other crypto-assets and transfer services, among
others, but not operation of a trading platform. No entity whose name contains Binance appears in
the file at all.

Three limits on that count. The register is interim: ESMA describes it as a set of CSV files
"until mid-2026 when it will be formally integrated into ESMA's IT systems", republished weekly, and
warns that information reported by national authorities "will not be immediately displayed". The
duty attaches to the authorised entity and the platform it operates, not to a group's other venues
elsewhere — the register names OKX Europe Limited, not OKX. And the transitional regime in Article
143(3), which let firms already operating before 30 December 2024 continue without a MiCA
authorisation, ran until 1 July 2026 at the latest, so a venue absent from the file in October 2026
is not in that position any more.

**Derivatives are outside the article entirely.** Article 2(4)(a) says MiCA "does not apply to
crypto-assets that qualify as" financial instruments. Whether a particular futures or perpetual
product is one is decided under MiFID II, which this page did not examine; where it is, the order
book it trades on is not a MiCA trading platform and Article 76 says nothing about it.

## What it costs

MiCA sets two prices and leaves one of them open.

**After fifteen minutes, nothing.** The delayed data is free, machine readable and kept for at least
two years. That is the only figure in the article.

**Before fifteen minutes, a "reasonable commercial basis".** The Regulation does not define that
phrase for crypto, and Article 76(16) asked ESMA for standards on presentation and on order-book
records, not on fees. Delegated Regulation 2025/417 says how the data is laid out and sliced; it says
nothing about what a venue may charge for it. The regime for financial instruments now has a
standard that makes a market data provider publish its fee schedule and the cost method behind it —
the one described in [why this market won't quote you a price](https://cryptomarkets.tools/guides/why-half-this-market-wont-quote-a-price) —
and nothing comparable was found here.

**What the free data does not grant.** Article 76(11) makes the delayed data available to the
public. It does not say, in that article, what a recipient may then do with it, and a venue's own
terms usually say a great deal — see
[what exchange API terms actually let you do](https://cryptomarkets.tools/guides/exchange-api-terms). This page does not
resolve how the two sit together; it notes that they are different documents.

**What was not verified.** Whether any of the 22 platforms serves a fifteen-minute-delayed feed and
a two-year history today, at what address and in what format, was not checked for this page. The
duty is in the Regulation; the delivery is something to confirm with each venue.

## What you can do about it

**Check the register before you rely on the duty.** Open CASPS.csv, find the entity rather than the
brand, and read the service column. Only "b. operation of a trading platform for crypto-assets"
brings Article 76 with it. An exchange authorised to deal on its own account and to execute orders
is a broker for this purpose, whatever its homepage calls it.

**Ask an authorised platform for its Article 76(11) data by name.** The request is short: where is
the free fifteen-minute-delayed pre- and post-trade data published, in what machine-readable
format, and where is the two-year history. A venue bound by the article has an answer; the shape of
the answer is information either way.

**Use the delayed data for what delay does not hurt.** End-of-day marks, research, reconciliation,
checking a vendor's candles against the venue's own record, building a backtest history from one
authorised venue — none of that needs the last fifteen minutes. A screen or a bot does, and that is
the part still sold.

**Use the identifiers.** Every Annex II trade report names the venue by its market identifier code
and the asset by its Digital Token Identifier, which is the cross-venue key the ticker symbol never
was. If you are reconciling the same coin across venues, see
[how to map a ticker to one coin](https://cryptomarkets.tools/how-to/map-a-ticker-to-one-coin).

**Do not expect it from the venue you probably use.** The largest global order books in this
catalogue — [Binance](https://cryptomarkets.tools/tools/binance-api), [Bybit](https://cryptomarkets.tools/tools/bybit-api) and
[Coinbase Exchange](https://cryptomarkets.tools/tools/coinbase-exchange-api) — either have no MiCA entity in the register or
have one authorised without the trading-platform service. [OKX](https://cryptomarkets.tools/tools/okx-api) has an EU entity
that holds it, which binds that entity's platform, not the global API. For those venues, the terms
that govern their data are still the exchange's own.

**Ask before you republish.** Free to the public is not the same sentence as licensed for your
product. If what you build would redistribute even the delayed data, put the question to the venue
in writing and keep the reply.

## Tools this bears on

- [OKX Market Data API](https://cryptomarkets.tools/tools/okx-api.md) — Public v5 endpoints for spot, swaps, futures and options — open, and tightly licensed.
- [Coinbase Exchange API](https://cryptomarkets.tools/tools/coinbase-exchange-api.md) — Free keyless spot data down to the order-by-order book — with a redistribution ban.
- [Bybit Market Data API](https://cryptomarkets.tools/tools/bybit-api.md) — Venue-direct spot, perps and options data with no key — if your IP is not in the US.
- [Binance Market Data API](https://cryptomarkets.tools/tools/binance-api.md) — One venue's own tape — prices, books, trades and funding, free and unkeyed.

## FAQ

### Does MiCA make crypto exchange data free?

Delayed data, on one kind of venue. Article 76(11) requires a crypto-asset service provider operating a trading platform to make its pre- and post-trade data available free of charge fifteen minutes after publication, in a machine-readable format, and to keep it published for at least two years. Real-time access may still be sold, on a reasonable commercial basis and without discrimination.

### Which crypto exchanges does Article 76 apply to?

Only firms authorised for the service called operation of a trading platform for crypto-assets. ESMA's interim register, in the file published on 22 October 2026, lists 22 such entries out of 387. Coinbase Luxembourg and Bybit EU appear there without that service, and no Binance entity appears at all.

### How quickly must an EU crypto venue publish its trades?

As close to real time as is technically possible and in any case within thirty seconds of execution, under Article 4 of Delegated Regulation (EU) 2025/417. Each trade report carries the instrument's identifier, price, quantity, both timestamps, the venue's market identifier code and a transaction identifier.

### Have the venues actually started serving the free delayed data?

This page did not verify that for any venue. The duty is in the Regulation; whether and where a particular platform serves its fifteen-minute-delayed feed and its two-year history is a question to put to that platform.

## Sources

1. [Regulation (EU) 2023/1114 on markets in crypto-assets (MiCA), Articles 2, 3(1), 76, 143 and 149, Official Journal L 150](https://publications.europa.eu/resource/celex/32023R1114) — Official Journal of the European Union, read through the Publications Office, 2023-06-09. In force and applying since 30 December 2024; read as published in the Official Journal, not as a consolidated version.
2. [Commission Delegated Regulation (EU) 2025/417 on the presentation of transparency data by crypto-asset trading platforms, Articles 2 to 5 and Annexes I and II](https://publications.europa.eu/resource/celex/32025R0417) — Official Journal of the European Union, read through the Publications Office, 2025-03-14
3. [Interim MiCA register — authorised crypto-asset service providers (CASPS.csv)](https://www.esma.europa.eu/sites/default/files/2024-12/CASPS.csv) — European Securities and Markets Authority, 2026-10-22
4. [Markets in Crypto-Assets Regulation (MiCA) — the interim register and its limits](https://www.esma.europa.eu/esmas-activities/digital-finance-and-innovation/markets-crypto-assets-regulation-mica) — European Securities and Markets Authority, read 2026-10-23

*Last updated 2026-10-23. A reference page, corrected in place — not a dated post.*