60% of European crypto users still using unlicensed exchanges ahead of MiCA

A majority of European crypto users are still using unlicensed exchanges weeks before the EU’s MiCA transition period comes to an end, according to an analysis published by OKX Europe.

According to an analysis by OKX Europe shared with crypto.news, 7.6 million of the 18.5 million crypto exchange app downloads recorded across Europe between May 2025 and May 2026 went to platforms that do not hold a valid Markets in Crypto-Assets license.

OKX Europe said those downloads accounted for 41% of all exchange app installs tracked during the period.

The study, which cited Sensor Tower download data and licensing records from thecryptoregister.com, found that about 60% of European crypto users continue to use exchanges operating outside the MiCA framework. Thecryptoregister.com compiles licensing information from the European Securities and Markets Authority and national regulators.

July 1 deadline draws closer

With the MiCA transition period set to end on July 1, exchanges that have not secured authorization could face enforcement action if they continue operating in the European Union. Under the framework, crypto firms are required to obtain approval as Crypto-Asset Service Providers to legally offer services across the bloc.

“European crypto users may not know their exchange is operating without a MiCA licence and time before enforcement begins is running out.” – Erald Ghoos, CEO of OKX Europe.

“7.6 million app downloads in Europe last year going to unlicensed platforms is just the tip of the iceberg; many of these exchanges will have users who have been using their platforms and apps for years.”

He urged users to verify the licensing status of their exchange before the transition period expires.

The ESMA MiCA register, which is publicly available through the regulator’s website, allows users to check whether a platform holds a MiCA authorization, operates under a temporary transitional arrangement, or remains unlicensed.

Regulators step up pressure on firms

Growing regulatory pressure has already emerged in some EU member states. In France, the Financial Markets Authority recently warned crypto firms to complete their MiCA licensing applications before June 30 or stop serving local customers.

AMF President Marie-Anne Barbat-Layani recently said it had become “very, very urgent” for firms to finalize their applications before the deadline.

According to the French regulator, companies without approval should prepare orderly wind-down plans that allow customers to recover or transfer their crypto assets.

French authorities have also warned that unauthorized providers could face blacklisting, public warnings, fines, and possible legal action if they continue targeting users after the transition period ends.

At the same time, some regulators, including France’s AMF, have raised concerns about differences in licensing standards among jurisdictions and the risks that could emerge if approvals are granted under weaker supervisory conditions.

MiCA allows firms licensed in one EU country to offer services across all 27 member states through passporting rights.