Why crypto founders are ditching Europe for Dubai ahead of a major deadline

The pickup began about 18 months ago, before MiCA’s first rules took effect, she said. Stablecoin regulations began applying about a year ago, and crypto-asset service providers have been working through a transition period before the July 1, 2026, deadline. After that date, firms relying on legacy national regimes will no longer be able to provide MiCA-regulated services in the EU.

The inquiries come from entrepreneurs frustrated by bureaucracy and regulatory burdens in Europe.

“They’re not just some random guys,” she said. “They’re former founders or current founders, somebody with multiple exits, somebody 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 it would suspend some services while seeking another regulatory route. The company said it remains committed to Europe.

“Our ambitions in Europe remain the same, and we are confident we will secure a MiCA licence in the coming months,” Binance said in a statement to CoinDesk on Thursday.

Rivals are trying to capitalize. OKX and Coinbase (COIN) announced bonuses of up to 8% of total deposits and transfers for new users the following day.