OKX European CEO Warns 80% of Unlicensed Crypto Exchanges Will Be Expelled After July 1st

Erlard Gos, CEO of OKX Europe, warned that 80% of unlicensed crypto exchanges will not survive after July 1st. The European Securities and Markets Authority (ESMA) will ban unlicensed entities from serving EU customers starting July 1st. Gos noted 60% of European crypto users rely on unlicensed platforms, with most stating they have no path to licensing. Over 200 crypto service providers are currently registered with ESMA. OKX obtained MiCA licensing through Malta's financial services authority, while Coinbase secured it via Luxembourg, Kraken through Ireland's central bank, and Ripple received preliminary approval from Luxembourg. Binance may need to suspend EU services after July 1st, with Reuters predicting its MiCA application could be rejected. Gos classified unlicensed exchanges into three categories: pure offshore platforms without EU entities, exchanges using temporary grace periods, and global firms with licensed subsidiaries offering unlicensed global apps in EU app stores. He urged users to verify licensing status on ESMA's public register and transfer assets to licensed exchanges by July 1st.