According to the European Banking Authority, crypto firms authorized under national frameworks before MiCA may pose risks while operating until the EU transitional period ends in 2026, source: European Banking Authority. The authority urges national competent authorities to strengthen supervision during the transitional window and to limit or withdraw transitional permissions where risk is elevated, source: European Banking Authority. For traders, this highlights ongoing regulatory and operational risk for EU-facing platforms until full MiCA authorizations, making licensing decisions and supervisory actions key developments to monitor for market access and liquidity, source: European Banking Authority.