PANews reported on June 3rd that, according to Cointelegraph, the transition period for the EU's Crypto Asset Market Regulation (MiCA) will end on July 1st. At that time, crypto asset service providers (CASPs) without MiCA authorization must cease providing services to EU clients and implement business closure and user migration plans. ESMA stated that simply submitting a license application does not constitute a basis for compliance; member state regulators can require platforms to immediately cease operations, force users to log off, and impose fines. The French regulator AMF stated that continuing to operate without authorization is a criminal offense, punishable by up to two years imprisonment and a fine of up to €30,000. Germany's BaFin will also complete the authorization switch for existing exempted institutions by June 30th. OKX estimates that approximately 60% of European crypto users remain active on platforms without MiCA authorization.