The recovery began about 18 months ago, before the first MiCA rules came into force, he said. Stablecoin regulations began to apply about a year ago, and cryptoasset service providers have been working through a transition period ahead of the July 1, 2026 deadline. After that date, companies relying on legacy national regimes will no longer be able to provide MiCA-regulated services in the EU.
The inquiries come from business owners frustrated by the bureaucracy and regulatory burdens in Europe.
“It’s not just any guys,” he said. “They are former founders or current founders, someone with multiple exits, someone with years of experience in crypto.”
The deadline is already reshaping the competitive landscape. Binance, the world’s largest cryptocurrency exchange by trading volume, withdrew its MiCA application in Greece last week and notified EU users that it would suspend some services while it pursues another regulatory route. The company said it remains committed to Europe.
“Our ambitions in Europe remain the same and we are confident that we will obtain a MiCA license in the coming months,” Binance said in a statement to CoinDesk on Thursday.
Rivals are trying to take advantage. OKX and Coinbase (COIN) announced bonuses of up to 8% of total deposits and transfers for new users the next day.
