Millions of European crypto users face a sudden hunt for new digital asset platforms

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 seeking MiCA authorization or adjusting their products.

“When a platform pulls back, users unfortunately absorb the shock, like a tenant being evicted by its landlord with no notice,” Fazel said. “People shouldn’t keep hunting for a new home. They should pick one built to stay.”

“When you’re choosing a new home, the price is one thing.”But we need to look at the identity match, the platform, its culture, its security, the features you’ll actually use, and the community you’re joining.”

“Incentives fade,” he added. “A home you trust doesn’t.”

Coinbase and OKX last week offered deposit and transfer incentives to attract new users amid some exchanges scaling back services in Europe.

Fazel said those offers may persuade some customers to switch, but argued they should not be the deciding factor.

“Every exchange is piling into the same rat race of bigger bonuses, louder cheques,” he said. “But money does not earn trust. A local track record does.”