🇪🇺 MICA DEADLINE COULD FORCE HUNDREDS OF THOUSANDS OF EUROPEAN CRYPTO USERS OFF THEIR EXCHANGES
While much of the attention has focused on Binance, the July 1 MiCA deadline is a much bigger story.
Only around 200 crypto firms have secured a MiCA licence out of more than 3,000 that were previously operating across Europe.
That leaves major exchanges including Binance, Bitget and KuCoin still in licensing limbo in parts of the EU, meaning many European users could soon lose access to their preferred platform as regulators tighten enforcement.
The users who migrate to licensed exchanges may also encounter a far more bank-like experience, with stricter compliance requirements, monitoring and account restrictions.
Danny Sanders, Chief Commercial Officer at @Trezor, says the transition could accelerate the move toward self-custody:
“If your exchange acts like a bank and can freeze your assets like a bank, it is a bank… An account on an exchange was never the same as holding the coins. Self-custody is the only version of this that was ever actually yours.”
The July 1 deadline marks one of the biggest regulatory changes in European crypto history, and its effects are likely to unfold throughout the rest of the year as more exchanges either secure licences or exit the market.
