According to a report by The Block, Erald Ghoos, CEO of OKX Europe, revealed that following the full implementation of the EU's Markets in Crypto-Assets Regulation (MiCA), about 80% of crypto exchanges will no longer be able to operate within the European Union. Starting July 1, platforms without MiCA authorization will be prohibited from offering crypto services to EU users. Currently, 20 out of the 27 EU member states have ended their transitional periods, while approximately 60% of European crypto users remain on unauthorized platforms.
As of June 18, more than 200 crypto asset service providers (CASPs) have received formal MiCA authorization, including major exchanges such as OKX, Coinbase, and Kraken. Ripple has also received preliminary approval from Luxembourg regulators. This milestone indicates a significant step in the EU's regulatory framework for digital assets, granting compliant platforms clear market access.
Ghoos believes that MiCA will drive a noticeable consolidation in the European crypto exchange market, with a smaller number of licensed, well-compliant platforms dominating trading volumes. As the regulatory landscape solidifies, smaller and mid-sized exchanges may face substantial compliance burdens and could be forced to exit or seek mergers. While this trend enhances transparency and asset security for users, it may also reduce competitive diversity. Investors are advised to transact on MiCA-authorized platforms to ensure regulatory compliance.