Introduction

Recently I came across the article "The EU Regulations Destroyed My Last Reliable Crypto Income. Thanks for Nothing, Brussels" published by Crypt0nat0r on October 26th, 2026 on Publish0x. And honestly as a fellow EU citizen and crypto-investor I wanted to comment my sympathy and support to his article. Unfortunately, leaving a comment wasn't possible because I am blocked from commenting his articles (possibly because of an old disagreement between us in the past) although his article emerged into my Publish0x articles feed. So since I was blocked I decided to comment by publishing this article instead.

What is the EU MiCA Regulation

In a nutshell, The EU Markets in Crypto-Assets Regulation (MiCA) (Regulation (EU) 2023/1114) is the European Union's main comprehensive legal framework for crypto-assets, issuers, and service providers.

With MiCA, European Union aims to establishes a single, harmonized rulebook across all EU member states to replace fragmented national laws that have emerged about cryptocurrency in the past. As a result, EU preserves a market integrity that prevents a crypto market abuse, insider trading and technical blockchain failures and provides to the EU-based crypto investor a protection as it mandates transparent disclosures, white paper publications, and strict governance rules. It categorizes covered assets into "E-money tokens (EMTs)" and "Asset-referenced tokens (ARTs)" well-known as stablecoins, and other crypto-assets like utility tokens or unbacked coins i.e. Bitcoin. Yet, it excludes NFTs and central bank digital currencies. Although MiCA officially came into force by June 29th, 2023, there was a transition period until July 1st, 2026 for the service providers such as certain legacy entities such as exchanges, trading platforms, and custody wallet providers to conform with the regulation.

In terms of Stablecoins which are described as Asset-Referenced tokens, USDT was the first victim of the MiCA regulation and it was completely removed from circulation and ownership from EU-located crypto investors in all major regulated crypto-exchanges. 

Finally, Binance still remains a major MiCA unlicensed crypto exchange even though Binance tried to obtain it through the Greek Financial Authority. The latest update about Binance and MiCA is that the company will try to establish an EU headquarter in France and try again to obtain a MiCA license through the French Financial Authority.

My Personal Experience

As a fellow European crypto-investor (a micro one) after returning back to EU from UK few years ago, I can definitely sympathize Crypt0nat0r for losing several streams of income that I was receiving through Binance.

But also I still feel the tremors of the Binance UK Regulation decision back on April 2023. In my article "The Binance Redemption" I explain how Binance decided to take "the regulation reform way" and as a consequence informed all its UK users that all earning products of the platform such as Liquidity Farming, Flexible Simple Earn, Flexible DeFi staking, BNB Vault, Locked Simple Earn and Fixed DeFi-staking will be suspended until the end of April 2023 and after that all the funds invested on these earning products will be simply automatically REDEEMED to their SPOT wallet without the possibility earning any further interest from them. The personal shock was tremendous. For the past 3 years when I registered an account with Binance, I became a fierce supporter and user of Binance Earn products either by investing limited personal FIAT funds or by depositing into my Binance account all the cryptoprofits from my engagements with crypto earning opportunities that can be found in my cryptosite "www.cryptomonkey.weebly.com". Visiting Binance app checking my progress there was the first thing in the morning, even before or while going to the toilet!

Furthermore, in my article "The Binance Redemption No2" I explained further sanctions of Binance against its UK users and customers after imposing a relevant UK ACT that included this time my staked BETH funds.

I took me several months to recover from the shock of Binance UK Regulation. I moved succesfully several of my funds to other Crypto-exchanges but also I tried to use the now discontinued MyCointainer as I describe in my article with title "When It Starts Smelling Badly". There I shared my bad experience to inform Publish0x readers about the REAL policies and operations of dishonest, grey-shaded and manipulative custodial crypto-wallets. Eventually I was obliged to KYC verify my Binance account as a Greek citizen when I came back to Greece and regain access to LaunchPools, LaunchPads, Staking and Interest sections of my Binance account. But now the MiCA regulation has provided me extra burdens although Binance still operates unregulated in the European Union.

BETH staking has been also banned in European Union due to MiCA and as a result I have decided to unstake my BETH and receive interest in ETH instead. Also many features of Binance Square are unavailable. Yes it is true I can't even interact at Binance's Social Media because of MiCA and who knows what's the reason for this!

Finally, in my recent article "My FAT CoinBase Failure" I explained the reasons I decided to terminate my CoinBase account after requesting my tax information. Although, I still retain it empty from my tokens, the termination will take place shortly to minimize also chances of my personal data being hacked in a potential hack of CoinBase and further minimizing my digital footprint before CoinBase will be the next victim of a hacking organization. First it was Bybit, then BitGet only recently and just before the Halloween night the nightmare emerged with the $6.4 Billion Binance hack!

Final Thoughts

I personally disagree to many things with EU Council Directives and Foreign Affairs policies. Although MiCA has created several personal burdens to EU micro-investors, I am very confident that MiCA regulation was established for good reasons, to provide a protection net from malicious acts and actors of the unlicensed global crypto-ecosystem. And in the crypto-world there are several such examples of financial scamming. 

Finally, I would like to provide my comment to Crypt0nat0r since I am blocked to do so in his article as an advice :

...to seek alternatives MiCA ready and legitimate Crypto-exchanges and apps to continue receiving benefits from his cryptofunds. Further information about them, he can find to my cryptoblog https://cryptomonkey.weebly.com/trading-platforms.html.

Disclaimer: All information found on this article is for informational purposes only. I do not provide any personal investment advice so please make your own research before proceeding to any investment/trading actions

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