The transition period for the EU's Crypto Asset Market Regulation will end on July 1st. OKX Europe, citing third-party data, reports that approximately 60% of crypto users in Europe are still trading on platforms without a MiCA license, indicating that the compliance transition to local platforms is not yet complete.
The flow to unlicensed platforms in the past year
Data shows that from May 2025 to May 2026, there were approximately 18.5 million downloads of encrypted applications in Europe, of which 41% involved platforms that did not hold a valid MiCA license, corresponding to approximately 7.6 million downloads.
The data is sourced from Sensor Tower and cross-checked with a directory on the independent website thecryptoregister.com. The latter is compiled based on publicly available information from the European Securities and Markets Authority (ESMA) and national regulatory bodies.
Tightening requirements will be enforced after July 1st.
Under the MiCA arrangement, after the transition period ends, platforms that continue to provide encryption services in the EU without obtaining a MiCA license will face the risk of violating EU rules. These platforms may subsequently be required to cease operations or face regulatory enforcement.
For users who still have their assets on these platforms, they may need to transfer their funds in a short period of time. If the platforms enter a shutdown or liquidation process, some users may also face issues such as restricted account access.
ESMA has made it publicly available for inquiry.
ESMA has provided a publicly searchable and downloadable directory, which users can use to confirm whether a trading platform has obtained a MiCA license, is still under transitional arrangements, or is in an unauthorized state.
OKX Europe CEO Erald Ghoos stated that many European users may not be aware of whether the platforms they are using have MiCA certification, and the transition period ends in just weeks. He claimed that the 7.6 million downloads flowing to unauthorized platforms may only be the tip of the iceberg, as some platforms have accumulated years of users.
Platform compliance will receive more attention
OKX also emphasized its compliance strategy in this analysis, mentioning that it publishes monthly reserve certificates to demonstrate customer asset coverage. From an industry perspective, after the MiCA transition period ends, the licensing status of EU crypto platforms will more directly impact their business qualifications and user asset arrangements.
