New MiCA regulations are forcing unlicensed firms to wind down, leaving up to 80% of Europe's current crypto platforms at risk of shutting down.

Binance has started telling EU users it will wind down services after failing to secure a MiCA license, with the July 1 enforcement deadline days away.

Crypto firms operating in the European Union will be forced to cease operations if they do not obtain a MiCA license by July 1.