Is GMX MiCA-licensed?
Status checked on 2 August 2026 against the official ESMA register
GMX is categorised as potentially outside MiCA's CASP regime under Recital 22. Whether Recital 22 applies depends on whether the relevant service is fully decentralised and has no intermediary. We categorise the on-chain perpetuals and spot protocol as potentially outside the CASP regime. A fact-specific assessment must consider the service, interface, governance and any intermediary.
Practical effect: Do not treat an out-of-scope classification as a safety finding. Using GMX can involve protocol, interface and self-custody risks. The regulatory analysis is fact-specific.
Read how MiCA works and why protocol scope under Recital 22 needs a fact-specific assessment, or see the licensed exchanges.
At a glance
- Supervising or reporting authority
- No authority classified because scope depends on the service
- Entity jurisdiction or country context
- Protocol scope is fact-specific
- EEA MiCA authorisation
- No CASP entry classified because scope depends on the service
- MiCA register route
- No Article 60 or Article 63 route classified because scope depends on the service
- Register entry date
- Not applicable unless the service is in scope
- EEA passporting
- Not applicable unless the service is in scope
- Exchange type
- DEX
- MiCA services
- Scope-dependent
Common questions
Why might GMX be outside MiCA's CASP regime?
MiCA Recital 22 says the regulation should not apply to services provided in a fully decentralised manner without an intermediary. We categorise GMX as potentially out of scope based on its protocol model. The category is not a regulatory determination. Interfaces, governance and intermediaries can change the result.
Does an out-of-scope classification make GMX safer than an unlicensed exchange?
No. An out-of-scope classification is not a safety finding and does not prove that no other EU rules apply. Protocol, interface and self-custody risks remain. Check the service, interface, governance and intermediary used.
Could GMX come into scope later?
GMX could come into scope later. MiCA Article 142 requires the European Commission to assess decentralised finance in its review. The result can affect how authorities apply the exemption.
