MiCA's July 1 deadline may push hundreds of thousands of European crypto users off their exchanges

Europe's July 1 deadline under the Markets in Crypto-Assets (MiCA) regime is poised to reshape access to crypto trading platforms across the EU. Roughly 200 crypto firms have obtained a MiCA licence, out of more than 3,000 that previously operated in the region. As enforcement tightens, major exchanges such as Binance, Bitget and KuCoin remain in a licensing grey zone in parts of the bloc. Many European customers could soon find their preferred platform unavailable and may be forced to move to licensed venues. Those who switch may face a more bank-like experience, including heavier compliance checks, closer monitoring and tighter account controls. Danny Sanders, Chief Commercial Officer at @Trezor, said the shift could speed up adoption of 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. Selfcustody is the only version of this that was ever actually yours." MiCA's July 1 milestone is one of the most significant regulatory changes in European crypto to date. Its impact is expected to play out through the rest of the year as more exchanges either secure licences or leave the market.