The EU's landmark MiCA crypto rules take full effect on 1 July. Yet by May, fewer than one in five of the bloc's 1,200-plus registered crypto firms had secured the licence needed to keep serving European clients.

OKX Europe CEO Ghoos said 80% of exchanges won't survive MiCA as ESMA forces unlicensed firms to cease EU operations by July 1.

ESMA ordered unlicensed crypto firms to stop serving EU clients and wind down operations before MiCA's July 1, 2026 authorization deadline.