The immediate impact will fall on customers whose exchanges are pulling services, Fazel told CoinDesk
Several exchanges, including Binance, have announced changes to their European services ahead of the July 1 deadline, while others continue to seek MiCA authorization or adjust their products.
“Unfortunately, when a platform retires, users absorb the shock, much like a tenant being evicted by their landlord without notice,” Fazel said. “People shouldn’t keep hunting for a new home. They should choose one that’s built to last.”
“When choosing a new home, price is one thing.” But we have 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 are fading,” he added. “A home you trust doesn’t have.”
Coinbase and OKX last week offered deposit and transfer incentives to attract new users amid some exchanges scaling services in Europe.
Fazel said those offers may persuade some customers to switch, but argued they should not be the deciding factor.
“Every exchange piles into the same rat race with bigger bonuses, higher checks,” he said. “But money doesn’t buy trust. A local track record does.”
