The immediate impact will be felt by customers whose exchanges withdraw their services, Fazel told CoinDesk.
Several exchanges, including Binance, announced changes to their European services ahead of the July 1 deadline, while others continue to seek MiCA authorization or adjust their products.
“When a platform goes down, users unfortunately absorb the shock, like a tenant evicted without notice by their landlord,” Fazel said. “People shouldn’t keep looking for a new home. They should choose one built to stay in.”
“When choosing a new home, 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.
“The incentives are fading,” he added. “A house you trust is not.”
Coinbase and OKX last week offered incentives for deposits and transfers to attract new users, amid cuts in services from some exchanges in Europe.
Fazel said these offers might persuade some customers to switch, but argued they shouldn’t be the deciding factor.
“Every trade is part of the same rat race of bigger bonuses, bigger checks,” he said. “But money doesn’t win trust. Local track record does.”
