MiCA grace period end may force 10M EU users to new platforms

Alex Fazel, chief partnership officer at crypto trading and analysis app SwissBorg, said that over 10 million users in the European Union may need to find new platforms as the grace period for the Markets in Crypto-Assets (MiCA) regulation ends on July 1. In an interview with CoinDesk, he stated that users of exchanges discontinuing services will be the most immediately affected. Fazel stressed that when a platform scales back its services, users must absorb the full impact, comparing them to tenants evicted by a landlord without notice. Pointing to recent deposit and transfer incentive promotions by Coinbase and OKX to attract new users, Fazel advised that users should choose a platform built to last. He explained that while price is important, factors like the platform's culture, security, practical features, and community should all be considered. Fazel concluded that incentives disappear, but a reliable home does not.