The immediate impact will fall on customers whose exchanges are withdrawing services, Fazel told CoinDesk.
Several exchanges, including Binance, have announced changes to their European services ahead of the July 1 deadline, while others continue to seek MiCA clearance or adjust their products.
“When a platform goes backwards, users unfortunately absorb the impact, like a tenant who is evicted by his landlord without notice,” Fazel said. “People shouldn’t keep looking for a new home. They should choose one built to stay in.”
“When you choose a new house, the price is one thing.” But we must consider the identity match, the platform, its culture, its security, the features you will actually use and the community you join.”
“Incentives are fading,” he added. “A house you trust doesn’t.”
Coinbase and OKX last week offered deposit and transfer incentives to attract new users amid some exchanges scaling back their services in Europe.
Fazel said such offers may persuade some customers to switch, but argued they should not be the deciding factor.
“Every bag is piling up in the same race for bigger bonuses, bigger checks,” he said. “But money doesn’t build trust. A local track record does.”
