According to ChainCatcher, Erald Ghoos, CEO of OKX Europe, told The Block that approximately 80% of crypto exchanges will be unable to continue operations in the European Union after the full implementation of the Markets in Crypto-Assets Regulation (MiCA). Starting July 1, any platform 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, yet about 60% of European crypto users remain on unauthorized platforms. This situation exposes a large number of users to potential service disruptions or asset transfer issues. Ghoos emphasized that the compliance window is rapidly closing, and platforms that fail to obtain proper licenses will be forced to exit the market.
As of June 18, more than 200 Crypto Asset Service Providers (CASPs) have received formal MiCA authorization, including OKX, Coinbase, and Kraken. Ripple has also received preliminary approval from the Luxembourg regulator. Ghoos believes that MiCA will drive significant consolidation in the European crypto exchange market, with trading volumes increasingly concentrated among the few licensed, highly compliant platforms.