Multiple crypto exchanges close doors in Europe, what to do

The past two days have seen several developments in the crypto market. Multiple major trading platforms have announced their closures, while regulation in Europe is becoming increasingly strict. This has major consequences for traders and investors active on these platforms.

Major exchanges pull back

BitMEX closes its doors, as does BitMart. These two platforms have played a significant role in the crypto industry for years. BitMEX in particular was known for its high-leverage perpetual futures. The closure of these platforms marks a turning point in how unregulated exchanges operate.

HTX, formerly known as Huobi, is facing other problems. The platform is now on the EU sanctions list. From 23 August, the platform will become inaccessible for European users. This is a direct consequence of stricter regulation in Europe.

Regulation drives platforms back

Binance has been removed from the Google Play Store in Europe. This is a significant step by Google to comply with European regulations. More unregulated exchanges are expected to follow with similar measures.

These developments show that the era of completely unregulated platforms is coming to an end. Traders are increasingly looking for exchanges that do comply with all regulations. This gives regulated platforms a competitive advantage and significantly grows their user base in Europe.

Regulated alternatives gain ground

For European users, Bitvavo and OKX are excellent alternatives that comply with all regulations. These platforms offer their services completely legally in Europe. They have all the necessary licences and follow strict compliance rules.

The trend is clear: unregulated platforms are disappearing, and regulated exchanges are growing. This creates a safer ecosystem for traders, but also means that the crypto industry is maturing. Anyone not yet on a safe and regulated platform would do well to do so quickly.