MiCA Rules Trigger Dutch Crypto Exchange Collapse

Dutch crypto exchange Knaken collapsed under MiCA compliance costs, leaving an €8 million shortfall. The EU's Markets in Crypto Assets regulation forced exchanges to adopt capital requirements and operational standards that smaller platforms cannot absorb. If you run a crypto exchange or wallet in Europe, MiCA just became a consolidation weapon: the winners are the three or four firms big enough to absorb €8m+ in compliance spend, and the losers are gone. You either scale to the capital requirement or you shut down.